Sinar Mas Affiliate IMBS Secures Control of Subsea Cable Operator Triasmitra in $32.6M Tender Offer

JAKARTA, Investortrust.id — Jakarta-listed subsea and terrestrial fiber-optic network infrastructure operator PT Ketrosden Triasmitra Tbk (KETR) has undergone an official change of control following the completion of a voluntary tender offer by PT Inti Mas Bangun Sejahtera (IMBS), a private digital infrastructure entity affiliated with the Sinar Mas conglomerate.

Under the transaction completed on Monday, Sept. 28, 2026, IMBS acquired 994,442,000 ordinary shares of the telecommunications carrier, representing 35% of the company's total issued and fully paid-up capital, for a total consideration of approximately Rp 520 billion ($32.6 million).

The share acquisition officially transfers controlling ownership of Triasmitra away from former indirect controlling shareholder PT Bahtera Bintang Nusantara (BBN)—which held its position through intermediary PT Fajar Sejahtera Mandiri Nusantara (FSMN)—to IMBS, in compliance with Financial Services Authority Regulation No. 9/POJK.04/2018 on Public Company Takeovers.

The transaction marks a major strategic expansion for the Sinar Mas Group as it consolidates a unified digital backbone across Southeast Asia’s largest economy. By anchoring a 35% controlling stake in Triasmitra, Sinar Mas links its existing telecommunications, enterprise software, and data center assets—including PT Dian Swastatika Sentosa Tbk (DSSA) and the merged XLSmart entity—directly to essential subsea and terrestrial dark-fiber routes connecting Jakarta, western Java industrial clusters, and the critical cross-border data corridor in Batam.

An Arm’s-Length Strategic Realignment

In an official material disclosure submitted to the Financial Services Authority (OJK) and the Indonesia Stock Exchange (BEI) on Monday, Sept. 28, 2026, Triasmitra corporate secretary disclosed that the new controlling entity, PT Inti Mas Bangun Sejahtera, is an Indonesian limited liability company headquartered at Cikini Raya in Central Jakarta.

Addressing regulatory requirements regarding corporate control changes, Triasmitra confirmed that there is no affiliation between the outgoing indirect controller, PT Bahtera Bintang Nusantara, and the incoming controlling vehicle. The disclosure clarifies to market regulators that the buy-in represents a third-party commercial takeover rather than an internal group restructuring.

Triasmitra management assured public shareholders and corporate clients that the change in ownership structure will not interrupt daily business executions or capital projects. Executive leadership verified that the transaction creates no adverse effects on the company's technical operations, regulatory standing, financial condition, or ongoing subsea cable deployment schedules.