The JBP Briefing — Saturday, August 29, 2026 (Issue #87)

THE JBP BRIEFING

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

Saturday, August 29, 2026 · Vol. 1, Issue #87

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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: 6,522

BI Rate: N/A

USD/IDR: Rp17,698

S&P 500: 7,711.76

WTI Crude: USD 83.44/bbl

Gold: USD 4,504/oz

Bitcoin: USD 77,806

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,522

+1.81%

STI

Singapore

5,684

-0.65%

KLCI

Malaysia

1,742

-0.39%

Hang Seng

Hong Kong

25,566

-0.34%

Nikkei 225

Japan

66,132

-0.20%

S&P 500

US

7,712

-0.25%

FX Rates

PairRateChange

USD/IDR

17,698

-0.45%

USD/SGD

1.2745

+0.24%

USD/MYR

4.0220

-0.05%

USD/THB

33.13

+1.06%

USD/PHP

62.23

+1.09%

EUR/USD

1.1587

-0.58%

USD/JPY

160

+0.49%

USD/CNY

6.73

+0.04%

Commodities

CommodityPriceChange

Crude Oil (WTI)

83.44 USD/bbl

-0.11%

Brent Crude

88.29 USD/bbl

-1.57%

Gold

4,504 USD/oz

-2.29%

Data as of 29 Aug 2026, 07:00 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 99.68

US 10Y: 4.72%

S&P 500: 7,711.76

Gold: 4,504.10$/oz

WTI: 83.44$/bbl

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INDONESIA DEAL SPOTLIGHT

SOVEREIGN WEALTH & PRIVATE MARKETS

Danantara Deploys US$1 Billion to Private Credit via Partners Group

Indonesia's state asset fund Danantara has allocated a US$1 billion private credit mandate to Swiss investment firm Partners Group, according to Bloomberg. This marks one of Danantara's largest forays into global private markets, with a portion directed to direct lending opportunities. The mandate reflects a strategic shift by Indonesian state capital toward alternative credit as a yield-enhancing asset class.

For Indonesian businesses and financial sponsors, this move signals growing institutional appetite for private credit structures in the region. It also opens the door for co-investment and origination partnerships, particularly in infrastructure, energy transition, and mid-market corporate lending, where local knowledge is critical.

MY PERSPECTIVE

JBP Advisory Angle: The Danantara mandate creates a cross-border advisory opening for firms with bilateral infrastructure networks in the GCC and Southeast Asia, positioning JBP to facilitate structured credit and co-investment vehicles for qualified Indonesian counterparties. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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CROSS-BORDER M&A

Chandra Asri Acquires Cycle & Carriage to Expand Mobility Business in Southeast Asia

PT Chandra Asri Pacific Tbk (TPIA) has signed a Conditional Sales and Purchase Agreement to acquire the automotive business of Cycle & Carriage in Singapore and Malaysia. The deal, announced on August 24, 2026, marks a strategic diversification for the petrochemical giant into mobility and distribution, leveraging Cycle & Carriage's established dealership network and brand presence.

This acquisition reflects a broader trend of Indonesian corporates seeking growth through regional expansion, particularly in adjacent sectors. For mid-cap companies, the deal highlights the importance of having a clear M&A framework to evaluate cross-border opportunities, from due diligence to post-merger integration.

MY PERSPECTIVE

JBP Advisory Angle: The transaction demonstrates how Indonesian industrial groups are using M&A to pivot into higher-growth regional markets, creating advisory demand for cross-border due diligence, valuation, and integration support. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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CAPITAL MARKETS & FUNDRAISING

EQUITY CAPITAL MARKETS

DMS Propertindo Plans Rights Issue Targeting Over Rp4.4 Trillion

PT DMS Propertindo Tbk (KOTA) has announced plans for a rights issue (PMHMETD I) expected to raise more than Rp4.4 trillion. The company, listed on the IDX, will seek shareholder approval at an extraordinary general meeting. Proceeds are likely to fund expansion and debt refinancing, reflecting a broader trend of Indonesian property firms turning to equity markets amid tight credit conditions.

Given the current JCI level of 6,522 and a rupiah at Rp17,698 per US dollar, equity fundraising remains a viable path for companies with credible growth stories. However, investor appetite is selective, favoring issuers with clear use of proceeds and strong corporate governance.

MY PERSPECTIVE

JBP Advisory Angle: This rights issue signals a window for other Indonesian corporates to access equity capital, with JBP positioned to advise on structuring, timing, and investor outreach to maximize success. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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IPO

Swayasa Prakarsa IPO Targets Rp45.2 Billion, Offering 30.3% Stake

PT Swayasa Prakarsa Tbk (SWAP), a research-based healthcare products manufacturer, has started its initial public offering (IPO) bookbuilding, offering 323 million shares or 30.30% of its enlarged capital. The price range is set at Rp130–Rp140 per share, aiming to raise up to Rp45.2 billion. The IPO is managed by MNC Sekuritas and reflects continued activity in Indonesia's healthcare sector.

Despite a cautious market environment, healthcare IPOs are attracting investor interest due to structural demand drivers. The deal also underscores the viability of smaller IPOs for companies with differentiated value propositions, particularly in niche manufacturing and research-driven segments.

MY PERSPECTIVE

JBP Advisory Angle: The SWAP IPO illustrates how healthcare and research-based companies can leverage public markets for growth capital, a model JBP can replicate for other innovative Indonesian firms seeking listing readiness. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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SECTOR & REGULATORY TRENDS

DIGITAL INFRASTRUCTURE

Indonesia Launches 86,000-km Open-Access Fiber Grid; Indosat Must Share Rival Network

Indonesia has launched an 86,000-kilometer open-access fiber optic grid, a national initiative to expand digital connectivity. The platform, named RAIA Grid, was assembled through a corporate transaction in early July when Indosat Ooredoo Hutchison (IOH) carved out its entire fiber infrastructure business into a standalone entity. Indosat and its subsidiary sold an 84.9% stake in the fiber company to PT Nusantara Fiber Teknologi, an Arsari Group vehicle.

This open-access model is expected to lower barriers for internet service providers and accelerate digital adoption across the archipelago. For investors, the grid represents a rare infrastructure play with predictable long-term cash flows, and it may attract both domestic and foreign institutional capital.

MY PERSPECTIVE

JBP Advisory Angle: The fiber grid rollout creates opportunities for M&A in the digital infrastructure space, including tower and data center consolidation, where JBP can advise on asset valuation and partnership structures. To discuss the implications for your business, contact JBP at contact@jbp.co.id

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FINTECH & CRYPTO

Japan's SBI to Take Stake in Indonesian Digital Broker Ajaib in Crypto Push

Japan's SBI Holdings is set to spend US$270 million to acquire a stake in Indonesian digital broker Ajaib, as part of its Southeast Asia expansion and crypto push. The deal, reported by Nikkei Asia, underscores the growing strategic importance of Indonesia's digital investment platforms, which combine retail brokerage with crypto trading capabilities.

This investment signals strong foreign interest in Indonesia's fintech sector, particularly in platforms that bridge traditional securities and digital assets. It also highlights the potential for further consolidation and partnership activity as global financial groups seek local expertise to navigate the market.

MY PERSPECTIVE

JBP Advisory Angle: The SBI-Ajaib deal illustrates the premium foreign investors place on Indonesian fintech platforms with dual brokerage and crypto licenses, creating advisory opportunities for JBP in cross-border M&A and regulatory navigation. 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 #87 · Saturday, August 29, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia