PT Dian Swastatika Sentosa Tbk, part of the Sinar Mas Group, is poised to become the ultimate controlling shareholder of telecom infrastructure company PT Ketrosden Triasmitra Tbk through a voluntary tender offer launched by an acquisition vehicle.
PT Inti Mas Bangun Sejahtera has offered to acquire up to 994.4 million Ketrosden shares, representing 35% of the company’s issued and paid-up capital, at 523 rupiah apiece, according to a tender offer document with the Indonesia Stock Exchange.
The offer is valued at up to 520.1 billion rupiah (about $29 million).
The transaction would result in a change in Ketrosden’s ultimate beneficial owner from entrepreneur Joy Wahyudi to Dian Swastatika Sentosa, according to the document.
If completed, Inti Mas Bangun Sejahtera will become the controlling shareholder of Ketrosden Triasmitra, replacing PT Bahtera Bintang Nusantara, which currently controls the company.
Established in 1994, Ketrosden operates fibre-optic telecommunications infrastructure, including terrestrial and submarine cable networks; it became a listed company in November 2022.
The tender offer document said the acquisition forms part of Inti Mas Bangun Sejahtera’s business development strategy and is expected to create synergies with fibre infrastructure businesses already owned by the acquirer’s controlling shareholder.
“The controlling shareholder of the offeror has business activities in fibre-optic cable infrastructure,” the company said in the document.
The move comes as consolidation accelerates across Indonesia’s digital infrastructure sector.
The proposed acquisition comes just months after Dian Swastatika Sentosa completed the merger of PT Mora Telematika Indonesia Tbk and PT Eka Mas Republik, creating PT Ekamas Mora Republik Tbk, or MoraRepublic, an integrated telecommunications infrastructure and fibre-to-the-home (FTTH) operator.
Effective in April, the merger combined Moratelindo’s backbone fibre network, data centres, and enterprise connectivity business with MyRepublic Indonesia’s retail broadband operations. Before the merger, Moratelindo operated more than 57,000 km of fibre-optic network and six data centres, while MyRepublic Indonesia served over 1.5 million subscribers and had over 8.7 million homepasses.
Against that backdrop, the planned acquisition of Ketrosden could further expand Dian Swastatika Sentosa’s footprint in telecommunications infrastructure. Ketrosden owns terrestrial and submarine fibre-optic assets, making it a potentially complementary addition to the group’s existing connectivity platform.
The Ketrosden acquisition would further reshape Indonesia’s telecom infrastructure landscape, where operators are seeking larger network footprints amid rising demand for connectivity and digital services.
The tender offer is subject to a minimum acceptance condition requiring shareholders to tender at least 35% of Ketrosden’s outstanding shares. The offer period is scheduled to run from July 28 to August 26, subject to approval from the Financial Services Authority (OJK).
Inti Mas Bangun Sejahtera was incorporated in November 2025 and did not hold any Ketrosden shares as of the date of the tender offer statement.
