BLOG to Raise Up to IDR 152 Billion in IPO to Expand Cold Storage and Fleet Network
PT Trimitra Trans Persada Tbk. (BLOG), a land logistics provider affiliated with retail giants AMRT and MIDI, plans to go public with an IPO offering up to 563.25 million shares (16.67% of issued capital) at a price range of IDR 240–270 per share. The bookbuilding period is scheduled for June 23–25, 2025, with public offering on July 2–4 and listing on the IDX on July 8. The company aims to raise up to IDR 152.07B, 67% of which will be used to inject capital into subsidiary PT Simpan Sini Aja (SSA) for building three cold storage warehouses in Tangerang, Pontianak, and Makassar. The remaining 33% will fund the
procurement of 75–100 new light trucks with cold and dry body configurations. BLOG operates over 3,200 active fleet units and 124 operational points across 47 cities, offering integrated logistics services through its Total Transport Management (TTM) and Total Warehouse Management (TWM) business lines, supported by advanced TMS and WMS technology. (Emiten News)
BREN Secures USD 121.1M Loan to Boost Geothermal Expansion
PT Barito Renewables Energy Tbk (BREN) has secured a USD 121.1M loan (approx. IDR 1.98T) from DBS Bank Ltd and Sumitomo Mitsui Banking Corporation (SMBC) through its subsidiaries: SEGPL, SEGN B.V., and SEGSD B.V. The loan will support retrofitting of Unit 3 at the Darajat II geothermal plant and construction of Unit 7 at the Salak plant to add 47MW of capacity. The facility matures on June 18, 2030. This funding enhances liquidity and supports BREN’s operational growth. In Q1 2025, BREN recorded consolidated revenue of USD 150M (up 3.5% YoY), EBITDA of USD 130M (up 5.1%), and net income of USD 42M (up 14.2%), driven by stable output from its geothermal and wind portfolios. (Investor)
DOID Established a New Entity for Business Expansion
PT BUMA International Group Tbk (DOID) established a new entity to expand its business
into the sustainable sector to support the implementation of environmental, social, and governance (ESG) principles. The company, through its two subsidiaries, PT Bisa Ruang Nuswantara (BIRU) and PT Katalis Investama Mandiri (KIM), officially established PT Biru Edu Praktik (BEP) on June 23, 2025. This strategic move is part of DOID’s long-term efforts to strengthen its contribution in the ESG field. BEP will focus on organizing activities for vocational training institutions, which is expected to provide social benefits through the enhancement of labor competencies. Management emphasizes that the establishment of BEP will not have a material impact on operational activities, legal conditions, financial conditions, or the continuity of DOID’s business.
EXCL Acknowledges Integration Process with FREN Brings Short-term Pressure
PT XLSmart Telecom Sejahtera Tbk (EXCL) acknowledged that the post-merger integration process with PT Smartfren Telecom Tbk (FREN) is putting pressure on its short-term performance. This comes as the telecommunications sector has not been in its best shape this year. XLSmart’s net profit margin is projected to decline to just 3.3% in 2025, down from 5.3% realized in 2024. This margin compression translates into an estimated 19.57% year-over-year drop in net profit to IDR 1.46T, from IDR 1.82T previously. In addition to profit pressures, XLSmart is also facing a decline in ARPU (average revenue per user), due to a significant portion of Smartfren’s customer base coming from lower-income segments. However, the company plans to maintain profitability through service-based strategies and market segmentation. The merger between XL Axiata and Smartfren has resulted in a new entity named XLSMART. The integration of infrastructure, organizational structures, and networks is still ongoing. XLSmart is targeting synergies worth USD 300M to USD 400M over the next three to five years. For 2025, the synergy realization is expected to reach USD 100M, mainly driven by cost efficiencies from network and system integration.
FIMP Eyes Growth in 2025 on Back of Private Sector Opportunities in State- Funded Infrastructure
PT Fimperkasa Utama Tbk (FIMP), a mid-sized construction service company, is optimistic about stronger performance in 2025 following government support for increased private sector involvement in state funded infrastructure. CEO Mohamad Mulky Thalib noted this shift aligns with FIMP’s expertise in site preparation, preconstruction, and building processes. Backed by a national infrastructure budget of IDR 400T for 2025, FIMP aims to reduce dependence on specific projects and tap into more government opportunities. Despite a drop in revenue by 17.9% to IDR 5.87B in 2024, FIMP improved its cash
position substantially and grew equity by 1.1%. The company retained all its net profit of IDR 310.07M
and sees a more promising business climate ahead, as approved by shareholders during the 2024 AGM. (Bisnis Indonesia)
GIAA and Citilink will Receive a Capital Injection from Danantara
PT Garuda Indonesia Tbk (GIAA) and its subsidiary, PT Citilink Indonesia, are reportedly set to receive a capital injection of USD 405 million or equivalent to IDR 6.67 trillion (at an exchange rate of IDR 16,484) from investment manager Daya Anagata Nusantara (Danantara Indonesia). Danantara is scheduled to officially inject the capital into GIAA on Tuesday, June 24, 2025. Of the total amount, USD 294 million or IDR 4.85 trillion will be allocated to Citilink Indonesia, while the remaining USD 111 million or IDR 1.83
trillion will be directed to GIAA. Previously, it was reported that Danantara, an indirect shareholder, planned to provide a total of USD 500 million to GIAA as part of its effort to strengthen the airline’s
financial position. The agreement is expected to be finalized by July at the latest. As of May 14, 2025, based on the monthly report on registered securities holders, 64.54% of GIAA’s shares were held by PT Biro Klasifikasi Indonesia (BKI), which serves as Danantara’s operational holding company.
MERI: PT Prima Multi Usaha Holds Initial Public Offering (IPO)
PT Prima Multi Usaha Tbk is conducting an initial public offering of shares. The company will release 1.16 billion shares, or about 20% of the total issued and paid-up capital. In this corporate action, the company plans to offer a price of Rp160-Rp180 per share with expectations of raising funds amounting to Rp208.80 billion. The company will use 26.76% of the IPO proceeds for the purchase of land and buildings owned by affiliated parties. Then, 29.73% will be used to provide loans to its subsidiary, PT Graha Prima Mentari Tbk, with an interest rate of 9% and a loan term of 5 years. Furthermore, considering the expansion plans that the company will undertake after the public offering, the funds returned from the loan repayment will be used as working capital, specifically to support business development (such as purchasing land, machinery, settling debts, and working capital). The company is expected to be listed on the Indonesia Stock Exchange (BEI) on July 8, 2025, with the code MERI. Prior to that, the public offering will be conducted from July 2 to 4, 2025. Then, the allocation and electronic distribution dates will take place on July 4 and 7, 2025.
ULTJ Commits to IDR 1.45T Buyback Amid Market Volatility
PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ), the producer of Ultra Milk, plans to proceed with an IDR 1.45T share buyback— equivalent to 10% of its paid-up capital—without shareholder approval, amid ongoing market volatility. Although previously announced in March, the buyback had not materialized. Funded entirely from internal cash, ULTJ aims to support capital market stability and enhance shareholder value. Management states the buyback will not impact operational activities due to ample cash reserves, and may positively affect earnings per share. The buyback will take place from June 25 to September 25, 2025. As of June 24, ULTJ shares had declined 7.50% over the past three months. (IDX Channel)
