Rights Issue: Bakrie & Brothers Targets Rp 6.5 Trillion to Reduce Toll Road Debt

JAKARTA — PT Bakrie & Brothers Tbk (BNBR) is targeting funds of between Rp 4 trillion and Rp 6.5 trillion through a rights issue, approved by shareholders at an extraordinary general meeting on Friday (27 February 2026).

A portion of the funds will be used to service debt arising from the company’s acquisition of shares in the Cimanggis-Cibitung toll road. The rights issue received formal shareholder approval at the extraordinary general meeting (RUPSLB).

“We have just received shareholder approval for the rights issue,” said Anindya Bakrie, President Director and Chief Executive Officer of BNBR, speaking to reporters in South Jakarta following the meeting.

Bakrie regarded the rights issue as positive, as it aims to conduct deleveraging, or reduce the debt burden resulting from financing the toll road acquisition. Following the acquisition, BNBR’s debt-to-equity ratio surged to approximately 500 per cent. The toll road share purchase was financed through borrowings.

Proceeds from the rights issue will be used to pay obligations related to the acquisition. The debt-to-equity ratio is projected to decline to around 200 per cent.

“The purpose of this rights issue is to pay down debt from that acquisition,” Bakrie explained.

“The debt-to-equity ratio did rise to 500 per cent. However, with this rights issue it will return to 200 per cent. This demonstrates that the debt incurred from the acquisition has been repaid, except for the debt recorded within the toll roads themselves,” he added.

The transaction was formalised through the signing of a Sale and Purchase Agreement (SPA) between BTI, PT Sarana Multi Infrastruktur (Persero) (SMI), and PT Waskita Toll Road (WTR) in Jakarta on Friday (28 November 2025).