TGIF Monthly Wrap: January 2026
- ICMSS
- 23 hours ago
- 3 min read
CUAN Acquires 19.74% SINI Stake, DEWA Allocates Rp429.99B for Share Buyback Program, IDX Composite Marks Historic Milestone Above 9000,RLCO Shares Halted After 5,000% Increase Since IPO, MSCI Rebalancing Halt Triggers Sharp Decline in Indonesia Market.
By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra
January 30, 2026 at 16:30 GMT+7
CUAN plans to increase its ownership stake and become the new controlling shareholder | Source: IDNFinancials
PT Petrindo Jaya Kreasi Tbk (CUAN) has completed a strategic minority acquisition of PT Singaraja Putra Tbk (SINI) for approximately Rp464 billion, marking its initial investment into SINI’s equity structure. The shares were acquired through subsidiaries and affiliates, giving CUAN close to 20% of indirect ownership. CUAN is evaluating a potential subsequent transaction to raise its stake to at least 51%, which would trigger a mandatory tender offer under Indonesian regulations. Management said discussions remain ongoing, subject to negotiations, due diligence, and regulatory approvals, with no binding agreement concluded to date.
Darma Henwa Mining Activities | Source: Darma Henwa
PT Darma Henwa Tbk (DEWA) allocated Rp429.99 billion to repurchase 760.69 million shares at prices between Rp430 and Rp645 per share, funded entirely by internal cash. The buyback is conducted pursuant to a framework approved by shareholders and is intended to strengthen the company’s capital structure while signaling prudent and disciplined financial management. Management confirmed that liquidity remains sufficient and that the program complies fully with regulations set by the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX). Aligning with the company’s repurchase framework , the buyback is scheduled to continue through the first quarter of 2026.
The Jakarta Composite Index (JCI) Breaks 9,000 | Source: iNews Media Group
The IDX Composite reached a historic milestone, closing above the 9,000 level on Wednesday (1/14), setting a new all-time high. The index remained above the psychological threshold through the end of the trading session, confirming the move as a record closing level rather than a short-lived intraday spike. The outcome reflected strong market momentum and continued investor participation despite higher index levels. The achievement was supported by improving global sentiment and strength in key sectors, particularly infrastructure, alongside gains in large-cap and index-heavy stocks. These extended gains point to a continuation of the broader upward trend in Indonesian equities.
RLCO shares touch ARA | Source : infobanknews.com
PT Abadi Lestari Indonesia Tbk (RLCO) debuted on the IDX back in December 2025, raising about Rp105 billion and valuing the company at roughly Rp525 billion. Since listing at Rp168 per share, the stock surged to Rp8.700 within six weeks, gaining over 5,000% and repeatedly hitting the upper auto rejection limit. The IPO was heavily oversubscribed 143 times, reflecting strong investor demand. IPO proceeds are allocated to working capital and its subsidiary. Due to extraordinary price volatility, IDX suspended RLCO trading from Wednesday (01/21) to protect investors and ensure orderly markets.
MSCI Logo | Source: CNBC
MSCI Rebalancing Halt Triggers Sharp Decline in Indonesia Market
MSCI has suspended the rebalancing of Indonesian stock indexes for the February 2026 review. The fundamental issue is centered on insufficient transparency in ownership structures and the risk of coordinated trading that could undermine effective price formation. MSCI emphasizes the need for more detailed and credible ownership data, including oversight of ownership concentration, to strengthen free-float evaluations. If these transparency issues remain unresolved by the May 2026 review, Indonesia could face a potential downgrade from Emerging Market to Frontier Market status. Indonesian regulators, including OJK and BEI, are coordinating with MSCI to clarify data requirements and address underlying concerns.
Sources:
BBC
CNBC
CNN
New York Times
Reuters
Tempo
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