Sinar Mas Takes Control of KETR Through 35% Acquisition
IMBS acquired a 35% stake in KETR through a Rp520.8 billion voluntary tender offer.
DSSA becomes KETR’s ultimate beneficial owner with no planned business changes.
By Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra
October 2 2026, at 16:30 GMT+7
PT Inti Mas Bangun Sejahtera (IMBS), an affiliate of Sinar Mas Group, completed a voluntary tender offer for shares of PT Ketrosden Triasmitra Tbk (KETR) on (09/28).
Through the offer, IMBS acquired 994.44 million shares, representing 35% of KETR’s issued and fully paid shares, at Rp523 per share. The purchase brought the total value of the transaction to approximately Rp520.8 billion.
KETR is engaged in the construction, sale, and maintenance of telecommunications networks, covering both submarine and terrestrial fiber-optic cable infrastructure, with its shares listed on the Indonesia Stock Exchange under the ticker KETR. The tender offer was conducted as part of IMBS’ plan to acquire a controlling stake in the company.
Ketrosden officials on one occasion | Source: Emitennews
Before the tender offer was completed, KETR’s controlling shareholder was PT Bahtera Bintang Nusantara (BBN), which exercised control indirectly through PT Fajar Sejahtera Mandiri Nusantara (FSMN). Following IMBS’ acquisition of the 35% stake, control of KETR was transferred to IMBS.
KETR stated that there was no affiliation between BBN, the former indirect controller, and IMBS, the new controller. The change of control was carried out under Financial Services Authority Regulation (POJK) No. 9/POJK.04/2018 concerning the takeover of public companies.
KETR disclosed the completion of the tender offer and the resulting change in control through information submitted to the Indonesia Stock Exchange. The disclosure formally recorded IMBS as KETR’s new controlling shareholder.
Workers conduct offshore cable installation and maintenance operations aboard a KETR vessel | Source: Investasi Kontan
At the ultimate ownership level, PT Dian Swastatika Sentosa Tbk (DSSA) became KETR’s ultimate beneficial owner through its relationship with IMBS. IMBS operates as DSSA’s investment subsidiary, while DSSA is affiliated with Sinar Mas Group.
Following the ownership change, IMBS stated that it had no plans to alter KETR’s business direction. KETR also stated that the change in control would not have a negative impact on its operations, legal matters, financial condition, or business continuity.
The company will continue its existing activities following the change in ownership. The new structure places IMBS as the direct controlling shareholder, with DSSA identified as the ultimate beneficial owner of KETR.
Sources:
Bloomberg Technoz
IDNFinancials
IDX Channel
Investasi Kontan
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