TGIF MONTHLY WRAP: OCTOBER 2026
Sinar Mas Takes Control of KETR Through 35% Acquisition, Andi Syamsuddin Secures 30.25% Stake in BYAN at Discount. SpaceX Acquires US$8Billion Spectrum for Starlink Mobile Launch, IDX Excludes High-Concentration Stocks From JCI, Brazil Halts Trading as Lula Secures Presidential Reelection
By David Mandela Layuck, Irhamni Muhammad, Martiza Shakeela Moana Rui, Tahta Auliya
October 30th, 2026 at 16:30 GMT+7
Workers conduct offshore cable installation and maintenance operations aboard a KETR vessel | Source: Investasi Kontan
PT Inti Mas Bangun Sejahtera (IMBS), an affiliate of Sinar Mas Group, completed a voluntary tender offer for 35% of PT Ketrosden Triasmitra Tbk (KETR) on Monday (9/28). IMBS acquired 994.44 million shares at Rp523 per share, valued at approximately Rp520.8 billion. Executed under Indonesia’s takeover regulations, the transaction formally transferred control of KETR from PT Bahtera Bintang Nusantara to IMBS, with PT Dian Swastatika Sentosa Tbk becoming KETR’s ultimate beneficial owner. IMBS stated that it would continue to operate KETR’s existing business, and KETR affirmed that the change in ownership would not disrupt its operations or business continuity.
Andi Syamsyudin and Low Tuck Kwong | Source: CNBC Indonesia
PT Jhonlin Baratama formally expanded share purchases in BYAN to secure a 30.25% stake through 10.084 billion shares. The Rp24 trillion transaction was executed in the negotiated market at a discounted price of Rp2,588 per share, representing a 76.5% discount compared to the regular market price. BYAN's management confirmed the agreement will not result in any significant negative impact on the company's financial position. Following the deal, BYAN's regular share price fell 6.13%, contributing to a 0.551% decline in the JCI. This historic acquisition positions PT Jhonlin Baratama as the largest individual shareholder of BYAN.
Chairman of the US Federal Communications Commission Brendan Carr | Source: CNBC
SpaceX announced an agreement to acquire a nationwide 800 MHz spectrum portfolio from Grain Management for approximately US$8 billion, expanding the company’s Starlink Mobile service into the US telecommunications market. The acquisition would enable satellite connectivity through existing smartphones, reducing dependence on specialized devices while improving network coverage. The move intensifies competition with major wireless carriers, including AT&T, Verizon, and T-Mobile, potentially accelerating investment in satellite connectivity. Nevertheless, the transaction remains subject to FCC approval, while additional infrastructure requirements pose operational challenges. Its long-term commercial viability will be determined by how well it is deployed and how reliably its services are maintained.
Jeffrey Hendrik, President Director of IDX | Source: IDNfinancials
The IDX plans to exclude 80 HSC stocks, representing approximately 18% of the JCI, to enhance market transparency and index reliability. Implemented in collaboration with KSEI, the policy addresses concerns over concentrated ownership and builds on existing free float reforms. While affected stocks will remain available for trading, they could return to the JCI once they are no longer subject to the HSC criteria. IDX has further enhanced the methodology by incorporating a price impact ratio for large cap stocks and lowering the ownership disclosure threshold from 5% to 1%, reinforcing capital market integrity and accurate index composition.
Luiz Inácio Lula da Silva Election Victory, President of Brazil| Source: SMH
Brazil Halts Trading as Lula Secures Presidential Reelection
Brazil’s Bovespa index initially declined 13.9% following Lula’s election victory, reflecting investor concerns over the country’s fiscal outlook. Investors had been positioning for a Bolsonaro victory, given his priority on fiscal discipline. Despite the initial response from the market, the Bovespa rebounded approximately 1%, while the Brazilian real strengthened nearly 2% against the US dollar. Amid market uncertainty, Dario Durigan, Finance Minister, reaffirmed the government’s commitment to fiscal stability, seeking to ease concerns over public finances and restore investor confidence.
Sources: Bloomberg
Bloomberg Technoz
CNBCCNN
IDNFinancials
IDX
Kompas
Kontan
Reuters
Comments