Rumored to be Acquired by Djarum Group, Surya Semesta Internusa (SSIA) Shares Soar

LISTED COMPANY - JAKARTA. Since the beginning of March 2024, a surge in the stock price of PT Surya Semesta Internusa Tbk (SSIA) has sparked heated rumors. The stock price of SSIA has sharply risen by 110.81% from Rp 555 to Rp 1,170 per share since March 6, 2024. This price surge is accompanied by a spike in the transaction volume of this infrastructure issuer.

As the saying goes, where there's smoke, there's fire. The surge in SSIA's stock price has given rise to stories of planned action by the Djarum Group. A source from KONTAN, on Thursday (18/4), mentioned that the Djarum Group is rumored to be acquiring the issuer led by Johannes Suriadjaja.

Unfortunately, the KONTAN source does not know more details about this plan. There is no information about whose shares the Djarum Group will acquire, including the number and value.

For the record, most of SSIA's shares are currently owned by public investors. According to data from the securities administration bureau PT Sinartama Gunita, as of March 31, 2023, as many as 3,415,646,396 (72.59%) SSIA shares are held by public investors. The remaining SSIA shares are held by PT Arman Investments Utama at 8.52%, Intrepid Investments Limited at 8.20%, PT Persada Capital Investama at 7.85%, Johannes Suriadjaja at 0.19%, The Jok Tung at 0.22%, and Sonny Satia Negara at 0.08%.

So far, no signs are pointing to a material transaction. Because, based on KONTAN's investigation until Saturday (20/4), SSIA as a public company possibly involved in the rumored transaction plan has not yet released an announcement about this.

Meanwhile, according to the Financial Services Authority (POJK) Regulation Number 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities, public companies intending to carry out material transactions have several obligations, one of which is to announce the disclosure of information on each Material Transaction to the public.

SSIA Chart by TradingView

Management's Response

PT Djarum's Corporate Communication Manager, Budi Darmawan, was tight-lipped when asked for confirmation about the rumor of the Djarum Group's plan to acquire SSIA. "It's more appropriate to ask SSIA. Since SSIA is already a public company, it's enough to ask for information from SSIA," Budi told KONTAN, on Friday (19/4).

In line with Djarum, SSIA's management was also tight-lipped in responding to KONTAN's request for confirmation.

"We have not made any announcements," said Erlin Budiman, Vice President Head of Investor Relations at SSIA, on Saturday (20/4).

According to Equity Analyst Kanaka Hita Solvera William Wibowo, amidst the circulating rumors, SSIA's stock price is on a long-term trend, even though it is currently at the beginning of a short-term correction. With this condition, William recommends a buy-on-weakness strategy for SSIA shares with a support level of Rp 700 and a resistance level of Rp 1,150 per share.

"Technically, there is potential for SSIA's price to be on a long-term uptrend and it is currently at the beginning of its short to medium-term correction," William explained to KONTAN on Friday (19/4) night.

Editor: Syamsul Azhar