TRIO Shifts Focus to Animal Feed Protein Trading, What’s Going On?
Jakarta, CNBC Indonesia — The telecommunications retail issuer PT Trikomsel Oke Tbk (TRIO) is pursuing a drastic transformation of its business. The company, previously known as a seller of mobile phones, now plans to enter the trading of protein for the animal feed industry and personal care products.
In its briefing to the Indonesia Stock Exchange (BEI), management said the move was prompted by the increasingly competitive dynamics of the mobile phone industry, prompting the firm to look at opportunities in sectors linked to everyday consumer needs and trends towards more environmentally friendly products.
The protein trading business in question involves the trading of protein raw materials for the animal feed industry, including protein produced using Black Soldier Fly (BSF) technology. The company regards the trading model as still aligned with its current business focus.
Management said the development of the new business would be undertaken gradually through a subsidiary, while taking into account market conditions and the company’s funding capacity. The company expects to begin pilot testing of the new business gradually in Q2 2026, with limited commercialisation in the second half of 2026.
“The company hopes to secure an additional source of contribution to its performance in the mid-term, while strengthening the sustainability of its business going forward,” citing the information disclosure, Friday 6 March 2026.
Still Loss-Making and Carrying Jumbo Debt
Amid the transformation plans, TRIO has so far not shown meaningful revenue growth. The company is seeking to boost sales by strengthening online marketing channels such as live sales, interactive content, and the integration of online and offline sales.
Additionally, the company is pursuing cost efficiencies, including simplifying working processes through the use of technology and controlling marketing and operating costs.
Operationally, the company is improving supply chain management, maintaining communications with suppliers, gradually adding brands, and managing inventories more selectively with a focus on fast-turnover products and better margins.
As of September 2025, TRIO posted a growing loss of Rp 48.74 billion. In the same period a year earlier, the loss was Rp 26.62 billion.
Separately, TRIO is also seeking to complete its debt restructuring with banks. To date, the company has been in discussions with its main creditors, Bank Negara Indonesia (BNI) and Bank Mandiri, regarding the restructuring process.
As of 31 December 2025, the company’s outstanding principal debt stood at around Rp 1.05 trillion to BNI and Rp 210.17 billion to Bank Mandiri. The level of liabilities is far higher than the company’s assets, which were recorded at Rp 64.72 billion as of September 2025.
Management said the restructuring process is still at the stage of internal evaluation by each bank. Meanwhile, the company continues to service principal debt repayments to creditors in line with its financial capacity.
As of 31 January 2026, TRIO’s ultimate beneficiaries include Sugiono Wiyono Sugialam as an indirect shareholder. He controls TRIO through PT Tigadari Fiesta and Polaris Ltd, which hold 8.69% and 8.22% of TRIO’s shares, respectively. In addition, PT Sukses Perdana Prima is recorded as the majority shareholder with a 38.25% stake. Then, data as of 27 February 2026 shows Huawei Tech Investment holding 1.2% of TRIO’s shares.