Indonesia-listed real estate company Era Graharealty is seeking to go private and delist from the Indonesia Stock Exchange, with its controlling shareholder offering 250 rupiah ($0.014) apiece to buy out public investors.
The company disclosed the plan on Friday, saying its controlling shareholder APAC Investment 2 Pte. Ltd. will conduct a voluntary tender offer for up to 89.3 million shares, representing 9.4% of the company. Morgan Stanley is the ultimate beneficial owner of APAC Investment 2, according to the disclosure.
APAC Investment 2 currently owns 90.6% of Era Graharealty, while the remaining 9.4% is held by public investors.
Era Graharealty is part of Singapore-listed APAC Realty, the regional real estate services group operating under the ERA brand. APAC Realty holds the exclusive ERA regional master franchise rights across 17 countries and territories in Asia-Pacific and operates across real estate brokerage, franchise arrangements, and training, valuation and other ancillary services.
Morgan Stanley’s connection to the group dates back to 2022, when Morgan Stanley acquired all of APAC Realty’s shares held by Northstar Group and became its majority shareholder, according to Era’s corporate history. Era Graharealty became a subsidiary of APAC Realty in 2021.
The company said the decision to leave the bourse follows a change in business strategy, which means it no longer needs capital market funding and does not plan to raise funds through the market in the future. It also cited efforts to cut operating costs and gain greater flexibility for business development and potential restructuring.
The tender offer price is above the 173 rupiah average of the highest daily trading prices over the 90 days used for the calculation under OJK rules.
Era Graharealty said the tender offer will proceed if shareholders approve the proposed go-private transaction at an extraordinary general meeting scheduled for Oct. 20.
The company needs approval from independent shareholders for the delisting. If the plan is approved, public shareholders who do not tender their shares will remain shareholders of the now-private company.
The proposed transaction comes as Era Graharealty’s revenue has grown, although profitability remains relatively modest. Revenue rose to 58.5 billion rupiah in 2025 from 44.7 billion rupiah a year earlier, while net profit increased to 1.48 billion rupiah from 462 million rupiah.
The company operates in real estate leasing and real estate agency services and had 16 directly owned subsidiaries as of Sept. 11, according to the disclosure. Most of the subsidiaries operate as property brokers.
The key dates in the proposed transaction include the Oct. 20 shareholder meeting, the expected start of the tender offer on Dec. 21 and its expected close on Jan. 19, 2027. The IDX is expected to cancel the company’s listing on March 18, 2027, subject to approvals from the relevant authorities.
The company did not disclose in the filing a separate transaction value for the proposed buyout. Based on the maximum of 89.3 million shares covered by the tender offer and the 250 rupiah offer price, the implied consideration would be about 22.3 billion rupiah if all public shares are tendered.
