Sinar Mas Group to Acquire Ketrosden (KETR) Shares

Jakarta — Sinar Mas Group, through PT Inti Mas Bangun Sejahtera (IMBS), plans to take control of PT Ketrosden Triasmitra Tbk (KETR) via a voluntary tender offer valued at up to Rp520.09 billion. Based on public disclosures, IMBS is offering to purchase a maximum of 994.44 million KETR shares, equivalent to 35% of the company’s total issued and fully paid-up capital, at a price of Rp523 per share. “Thus, the value of the Voluntary Tender Offer is a maximum of Rp520,093,166,000,” management stated in the disclosure document, quoted on Friday (12/6/2026). This move could potentially alter KETR’s ownership landscape. The company’s current controller is PT Bahtera Bintang Nusantara, with Joy Wahyudi as the ultimate beneficial owner. However, upon completion of the tender offer, IMBS will become the new controller of KETR. The document also notes that the change in control will simultaneously result in a change of KETR’s ultimate beneficial owner from Joy Wahyudi to PT Dian Swastatika Sentosa Tbk (DSSA), a listed entity under the Sinar Mas Group. IMBS is a newly established holding company, founded in November 2025. According to the tender offer document, 99% of IMBS shares are held by PT DSST Mas Gemilang, with the remaining 1% owned by PT Sinarmas Sukses Sejahtera. KETR itself operates in the telecommunications network infrastructure sector, providing maintenance and management services for communication cables, as well as the sale of submarine and terrestrial fibre optic communication systems. Management explained that the corporate action is part of a business development strategy. The controlling shareholder of IMBS also has business activities in the fibre optic cable infrastructure sector, which is expected to create business synergies and strengthen the group’s strategic position in the national telecommunications infrastructure ecosystem. The tender offer is scheduled to take place from 28 July to 26 August 2026, following an effective statement from the Financial Services Authority (OJK), which is targeted for issuance on 23 July 2026. Payment to shareholders participating in the tender offer is scheduled for 1 September 2026. The tender offer price of Rp523 per share is below KETR’s closing price on 4 June 2026, which was Rp545 per share, representing a discount of approximately 4.04%. In yesterday’s trading session, Thursday (11/6/2026), KETR closed at 570, up 6.54%.