Two Days of ARA, This Issuer Actually Changes Controller

PT Sepeda Bersama Indonesia Tbk (BIKE) has reported a change in share ownership that results in a direct change of control over the company. PT Penajam Makmur Jaya (PMJ) has acquired 921.5 million shares, equivalent to 71.22% of all shares issued and fully paid up. “On 15 April 2026, a transaction was conducted through the negotiated market mechanism on the IDX, namely the transfer of the Company’s shares owned by Mr Andrew Mulyadi, Mr Henry Mulyadi, and Mr Stephen Mulyadi to PT Penajam Makmur Jaya,” according to the disclosure of information on Thursday (16/4/2026). BIKE’s President Director Andrew Mulyadi stated in the disclosure that PMJ will comply with the provisions as regulated in POJK Number 9/POJK.04/2018 on the Acquisition of Public Companies, including but not limited to the implementation of a Mandatory Tender Offer to the Company’s minority shareholders. Based on the Monthly Report on Securities Holder Registration as of 31 March 2026, there are 323,916,404 public non-warrant shares (25.03%) and 8,500,000 public warrant shares (3.75%). For information, PMJ is also the owner of PT Menn Teknologi Indonesia Tbk (MENN). In the disclosure, the ultimate beneficial owner (UBO) of PMJ is the Nazar Foundation owned by Muhammad Nazaruddin. However, the disclosure also includes a document acknowledging Sarah Sartika Putri as the UBO of MENN. The document explicitly confirms that there is no affiliation between Muhammad Nazaruddin and Sarah Sartika Putri. Meanwhile, today BIKE shares surged to hit the upper auto reject limit (ARA) of 25% at 685. This marks the second day the shares have hit ARA.