RAJA Shares Surge as Happy Hapsoro-Linked Energy Firm Moves to Increase Liquidity via Stock Split

JAKARTA, Investortrust.id — PT Rukun Raharja Tbk (RAJA), the integrated energy provider controlled by prominent investor Happy Hapsoro, saw its shares skyrocket on Wednesday after announcing a 1:5 stock split. The move is a strategic play designed to make the stock more accessible to retail investors and drastically improve trading volume on the Indonesia Stock Exchange (IDX).

The stock surged by 5.28% to hit Rp 4,380 ($0.28) during Wednesday’s intraday session. This rally stands in sharp contrast to the broader Jakarta Composite Index, which opened deep in the red due to regional volatility.

The stock split is a vital signal of management's confidence in the company’s valuation and its desire to broaden its investor base. By slashing the entry price, RAJA is positioning itself as a high-liquidity play in Indonesia’s competitive energy infrastructure sector.

The Mechanics of the Split

Under the proposed plan, the nominal value of RAJA’s shares will drop from Rp 25 to just Rp 5 ($0.0003) per share. This adjustment will cause the total number of issued and fully paid-up shares to balloon from approximately 4.23 billion to a staggering 21.14 billion shares.

The company is moving at a rapid clip to finalize the transition. According to official disclosures, RAJA issued the information transparency document today, May 13, 2026, alongside the formal call for a General Meeting of Shareholders (RUPS).

Timeline for Investors

The road to higher liquidity culminates in June and July. Shareholders of record as of May 26, 2026, will be eligible to attend the crucial RUPS on Tuesday, June 23, where the final green light for the split is expected.

Following regulatory approval from the Ministry of Law and Human Rights on July 8, the company will move to list the additional shares. Trading with the old nominal value will conclude on July 13, with the newly split shares officially hitting the market on July 16, 2026.