Dragonmine Buys 80% of BLUE, Signals Possible Nickel Pivot

JAKARTA, Investortrust.id — PT Berkah Prima Perkasa Tbk or BLUE signs a conditional share purchase agreement on Monday, Feb 23, 2026 in Jakarta with Dragonmine Mining Hong Kong Limited, which plans to acquire 334.4 million shares or 80% of its paid-up capital to become the new controlling shareholder, a move that signals a potential shift in business direction. The deal follows a previously disclosed acquisition plan in November 2025 and comes as Indonesia’s nickel and battery ecosystem expands rapidly.

The company in its disclosure stated that the transaction would transfer control to Dragonmine once all conditions under the agreement were fulfilled.

Dragonmine is a Hong Kong-based private company owned by Huayou Hongkong Limited, a subsidiary of Zhejiang Huayou Cobalt Co., Ltd., which serves as its overseas investment vehicle in mining and minerals.

Huayou has operated across five main pillars covering the entire lithium-ion battery material supply chain. Indonesia’s nickel industry has become one of its strategic priorities through integrated battery ecosystem projects, including the Titan Project in partnership with PT Aneka Tambang Tbk and Indonesia Battery Corporation.

Business Transformation Speculation

Market observers said Dragonmine’s entry could open room for a business overhaul at BLUE, currently known as a producer of Blueprint-branded printing ink.

Ezaridho Ibnutama, Head of Research at NH Korindo Sekuritas Indonesia, said the change in control could enable underperforming listed firms to improve through backdoor listings.

“This step could improve the performance of low-performing companies on the Indonesia Stock Exchange at a time when oversight was still limited, allowing better-quality businesses to enter the market via backdoor listing schemes,” Ezaridho said.

He added that new regulations by the Indonesia Stock Exchange allowing ticker changes and imposing higher free float requirements based on market capitalization had created fresh bottlenecks for initial public offerings.

“About 30% of listed companies are currently posting net losses. With capital market reforms requiring higher public share ownership, the new regulation has triggered new congestion in IPO activities,” he said.

The move echoed previous cases such as the takeover of PT Solusi Kemasan Digital Tbk, which was later renamed PT Abadi Nusantara Hijau Investama Tbk after being acquired by a vehicle linked to CNGR Advanced Material Co., Ltd. The company later announced a jumbo rights issue to acquire nickel mining and smelter assets.

According to Indonesia Stock Exchange data, BLUE’s shares surged 117% year to date and nearly 1,900% over the past year, although the stock corrected amid market volatility following the CSPA announcement.