PT Bahtera Bumi Raya Tbk Major Shareholder Change as Batu Investasi Indonesia Raises Ownership to 82.30%

Jakarta — Shares of PGJO have become a focal point in the Indonesian stock market after its controlling shareholder, Batu Investasi Indonesia (also known as Zheng Yuan Investment Pte Ltd), significantly increased its holding in the company. On 3 December 2025, Batu Investasi acquired an additional 161,899,350 shares, raising its total ownership from 61.96% to 82.30%. This purchase brings the total shares under Batu Investasi’s control to 654.98 million out of the company’s total issued shares. The transaction, reportedly valued at around Rp 180.5 billion, was processed through BCA Sekuritas.

This move follows a prior takeover in mid-2025 when Batu Investasi acquired 493,088,500 shares (61.96%) from existing shareholders such as PT Surya Fajar Capital Tbk and several individual investors. As the new controlling shareholder, Batu Investasi has initiated a mandatory tender offer (MTO) for the remaining 302.77 million shares — roughly 38.04% of the total outstanding shares — offering Rp 122 per share.

The tender offer price is considerably lower than PGJO’s market price at the time, which traded above Rp 1,100 per share, reflecting a substantial premium paid by Batu Investasi when acquiring initial control.

Concurrently, the company recently changed its name — from PT Tourindo Guide Indonesia Tbk to PT Bahtera Bumi Raya Tbk — following shareholder approval in a general meeting.

Under the new ownership, PGJO appears to be repositioning its business direction. Batu Investasi has indicated its intent to pivot the company’s operations away from its previous focus on travel marketplace services toward becoming a holding company with an emphasis on the logistics sector. But despite the takeover, some analysts are urging caution: while increased share ownership by a controlling shareholder is often viewed positively as a sign of confidence in long-term prospects, the company’s underlying profitability reportedly remains “under pressure.”

Given the magnitude of the shareholding shift and the planned change in business direction, the next few months will be critical for PGJO as the market watches how the new management translates ownership into concrete strategy, operational changes, and performance improvements.

Summary Highlight

• Batu Investasi Indonesia raised its stake in PGJO from 61.96% to 82.30% via purchase of ~162 million shares on 3 Dec 2025.
• Total transaction roughly valued at Rp 180.5 billion, executed via BCA Sekuritas.
• PGJO previously underwent a controlling-share acquisition in mid-2025 (493 million shares or 61.96%).
• Batu Investasi has launched a Mandatory Tender Offer (MTO) for the remaining ~302.8 million shares (≈ 38% of shares), at Rp 122/share.
• The tender-offer price is significantly below the recent market price (which was > Rp 1,100), reflecting the premium Batu Investasi paid earlier.
• The company has formally changed its name from Tourindo Guide Indonesia to Bahtera Bumi Raya.
• New strategic direction: shift from travel-marketplace business toward logistics and holding company model under new control.
• Analysts caution that despite the takeover, PGJO’s profitability remains weak — future performance depends heavily on execution of new business strategy.