The JBP Briefing — Friday, September 04, 2026 (Issue #92)

THE JBP BRIEFING

Intelligence · Advisory · M&A · Capital Markets · Jakarta

Friday, September 04, 2026 · Vol. 1, Issue #92

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Good morning. Here is my take on what matters most for your business and portfolio today. I write this every morning so you do not have to read everything.

— Akmal Adrianza, Founder, JBP Management Consulting

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MARKET SNAPSHOT

JCI: 6,596

BI Rate: 5.75%

USD/IDR: Rp17,684

S&P 500: 7,747.71

WTI Crude: USD 91.54/bbl

Gold: USD 4,526/oz

Bitcoin: USD 81,277

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,596

-0.06%

STI

Singapore

5,744

+0.59%

KLCI

Malaysia

1,709

+0.48%

Hang Seng

Hong Kong

25,311

-0.07%

Nikkei 225

Japan

64,426

+0.16%

S&P 500

US

7,748

+1.06%

FX Rates

PairRateChange

USD/IDR

17,684

-0.22%

USD/SGD

1.2670

-0.31%

USD/MYR

4.0330

-0.11%

USD/THB

32.88

-0.90%

USD/PHP

62.54

+0.09%

EUR/USD

1.1631

+0.39%

USD/JPY

156

-1.89%

USD/CNY

6.71

-0.14%

Commodities

CommodityPriceChange

Crude Oil (WTI)

91.54 USD/bbl

+0.58%

Brent Crude

95.65 USD/bbl

+0.02%

Gold

4,526 USD/oz

+3.65%

Data as of 04 Sep 2026, 07:33 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 98.97

US 10Y: 4.76%

S&P 500: 7,747.71

Gold: 4,525.30$/oz

WTI: 91.56$/bbl

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FINANCIAL SERVICES CONSOLIDATION

M&A DEAL

OCBC NISP Completes Great Eastern Life Acquisition

PT Bank OCBC NISP Tbk (NISP) has finalized its acquisition of PT Great Eastern Life Indonesia (GELI) in a transaction valued at Rp201.98 billion. The move expands OCBC NISP's presence in the life insurance sector, aligning with a broader trend of banks integrating insurance capabilities to offer comprehensive financial solutions.

This deal follows similar consolidation moves in Indonesia's financial services industry, including Maybank's acquisition of a 51% stake in Etiqa Insurance and DBS Indonesia's purchase of 99% of DBS Vickers Sekuritas. These transactions signal a wave of strategic realignment as financial groups seek to diversify revenue streams and cross-sell products.

MY PERSPECTIVE

JBP Advisory Angle: The completion of OCBC NISP's acquisition highlights the active market for bancassurance and financial services consolidation in Indonesia. JBP can assist regional banks and insurers in identifying acquisition targets that complement existing distribution networks and customer bases. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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M&A DEAL

Maybank Acquires 51% of Etiqa Insurance

PT Bank Maybank Indonesia Tbk (BNII) has taken over 51% of PT Asuransi Etiqa, a move valued at Rp21.59 billion. The acquisition strengthens Maybank's insurance arm and supports its strategy to offer a wider range of Sharia-compliant and conventional insurance products to its corporate and retail clients.

The transaction is part of a series of recent insurance-related M&A activities in Indonesia, reflecting the sector's attractiveness to banking groups aiming to capture higher-margin fee income. With the JCI at 6,596 and a stable rupiah at Rp17,684, the environment remains conducive for further consolidation.

MY PERSPECTIVE

JBP Advisory Angle: This acquisition demonstrates the premium placed on insurance distribution capabilities. JBP can help insurance companies and financial investors identify partnership or exit opportunities, leveraging our knowledge of regulatory hurdles and valuation benchmarks. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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CORPORATE RESTRUCTURING & CAPITAL RAISING

CAPITAL RAISING

CBRE Plans Up to Rp1.27 Trillion Rights Issue

PT Cakra Buana Resources Energi Tbk (CBRE) will conduct a rights issue of up to 11.8 billion new shares at Rp108 each, aiming to raise up to Rp1.27 trillion. The proceeds will be used to strengthen the company's balance sheet and support its operational needs, as major shareholders have chosen not to exercise their rights.

The rights issue is scheduled to take place in November 2026, with a potential dilution of up to 72.22% for existing shareholders. This move reflects a trend of Indonesian listed companies using rights issues to restructure debt or fund expansion, particularly in the energy and resource sectors.

MY PERSPECTIVE

JBP Advisory Angle: The rights issue by CBRE illustrates a common path for companies with high leverage to recapitalize. JBP can advise companies on alternative restructuring methods, including debt-to-equity swaps and private placements, to optimize outcomes for all stakeholders. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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CAPITAL RAISING

KOTA Stock Right Issue to Raise IDR 4.95 Trillion for Acquisitions

PT DMS Propertindo Tbk (KOTA) is preparing a rights issue to raise approximately IDR 4.95 trillion, issuing up to 100 billion new shares. The funds will be used to finance the acquisition of PT Art Design Indonesia and PT Mandirinusa Graha Perkasa, with a combined value of around IDR 4.4 trillion, expanding KOTA's access to strategic property assets.

This significant capital raising initiative signals a large-scale corporate action that will likely reshape the company's asset portfolio and market position. The move comes amid a period of heightened M&A activity in Indonesia, with global M&A volumes reaching record levels in 2026.

MY PERSPECTIVE

JBP Advisory Angle: The scale of KOTA's rights issue underscores the availability of capital for strategic acquisitions in the property sector. JBP can assist companies in structuring such transactions, including valuation, due diligence, and regulatory compliance, to ensure seamless integration and value creation. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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STRATEGIC INVESTMENTS & INFRASTRUCTURE

INVESTMENT

Danantara and Bakrie Group Partner to Boost EV Ecosystem

Indonesia's sovereign wealth fund, Danantara, through its investment arm Danantara Investment Management (DIM), has signed a non-binding agreement with Bakrie & Brothers and its EV subsidiary VKTR Teknologi Mobilitas. The partnership provides an indicative financing of up to Rp2 trillion (US$112.7 million) to support the development of a commercial electric vehicle ecosystem in Indonesia.

This collaboration aligns with the government's push to position Indonesia as a regional hub for EV manufacturing, leveraging its rich nickel resources. The investment will likely accelerate the adoption of electric buses and trucks, creating opportunities for component suppliers and infrastructure developers.

MY PERSPECTIVE

JBP Advisory Angle: This partnership highlights the growing role of sovereign wealth funds in co-investing with private conglomerates to build critical infrastructure. JBP can facilitate similar collaborations, providing financial advisory services to structure deals that meet both commercial and national development objectives. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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M&A DEAL

Salim Group Acquires Keppel's Stake in Data Center Venture, Relaunches as IndoData

Salim Group has acquired Keppel's stake in their joint venture data center project, taking full ownership and relaunching the business as IndoData. The facility, located in Bogor, initially launched with 5MW capacity and is poised for expansion under the new ownership.

The move reflects the growing demand for data center capacity in Indonesia, driven by cloud adoption and digital transformation. Financial terms were not disclosed, but the acquisition positions Salim Group to capitalize on the country's booming digital economy.

MY PERSPECTIVE

JBP Advisory Angle: The data center sector in Indonesia is attracting significant interest from both strategic and financial investors. JBP can advise on acquisitions and greenfield projects, given our understanding of infrastructure requirements and regulatory incentives. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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That is all for today. If any of these stories opens a door for your business, I am happy to talk through the implications.

Warm regards,

Akmal Adrianza

Founder, JBP Management Consulting & Financial Advisory

The JBP Briefing · Issue #92 · Friday, September 04, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia