This Indonesian-listed issuer quietly plans two acquisitions, management speaks out
Jakarta, CNBC Indonesia — Construction issuer PT Sumber Mas Konstruksi Tbk. (SMKM) has provided an explanation regarding plans to acquire two companies, in response to a request from the Indonesia Stock Exchange (BEI).
Reference is made to SMKM’s letters dated 22 December 2025 and 30 January 2026, in which the company states that it has signed a Conditional Sale and Purchase Agreement (CSPA) with Lim Shrimp Org Pte. Ltd. (LSO) to acquire Panasia Aquaculture Pte. Ltd. (Panasia) for an estimated transaction value of US$100 million and a maximum settlement date of 30 June 2026.
In addition, SMKM has signed a CSPA with Advanced Systems Automation Limited (ASA) to acquire LSO Organization Holdings Pte. Ltd. (LSO Holdings) for an estimated transaction value of SG$13 million and a maximum settlement date of 30 June 2027.
The contractor‑emitter explained that the two acquisitions are driven by the need to strengthen business activities amid limited growth in SM’s construction business and in consideration of SMKM’s changes.
‘To create new value for all shareholders, the company intends to acquire Panasia, which is active in aquaculture development and farming from LSO, as part of the company’s long‑term sustainable business development,’ SMKM management said in a disclosure cited on Thursday (5 March 2026).
One subsidiary of Panasia, Lim Shrimp Organization Ltd, BVI, is currently owned 50:50 by ASA through LSO Holdings. To create synergies and better align operations, SMKM plans to acquire the remaining 50% stake in Lim Shrimp Organization Ltd, BVI from ASA.
‘The company will continue to update and disclose further details regarding the structure of the LSO group after the ongoing internal restructuring involving several parties and minority stakeholders, even though the ultimate beneficial owner (UBO) remains the same,’ the management stated.
SMKM explained that LSO is controlled by ASA, which is listed on the Singapore Exchange. The ultimate beneficial owners of Panasia are Chen Pei Ling Catherine, Lim Yu Victoria, and Structured Capital Solutions Inc.
SMKM noted that Panasia is a holding company formed to consolidate all assets owned by Lim Shrimp Org Pte. Ltd., with the aim of facilitating asset injections into the company.
Panasia will, in due course, own several operating subsidiaries that contribute to Panasia’s revenue. Meanwhile, LSO Holdings is a holding company acting as the counterparty and will not become part of the group consolidated into SMKM after settlement.
However, SMKM continues to study and evaluate whether the acquisitions meet the criteria as a Material Transaction under POJK 17/2020 and/or as a Related Party Transaction under POJK 42/2020.
‘The determination and further details will be disclosed officially together with the submission of documents to the Financial Services Authority (OJK) as part of the plan to hold an Extraordinary General Meeting of Shareholders (RUPSLB) in accordance with applicable laws,’ the management clarified.
Concurrently with the Panasia and LSO Holdings acquisitions, SMKM announced plans for a Rights Issue with Warrants (HMETD) in 2026 and 2027. Management explained the rights issue will be used as a mechanism to contribute assets of the Controller to SMKM, thereby strengthening the company’s capital structure and business activities in line with the future development plan by the new Controller.
The company intends to hold an extraordinary general meeting (RUPSLB), with one agenda item the approval of PMHMETD no later than Q3 2026.
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