The JBP Briefing — Wednesday, August 26, 2026 (Issue #84)

THE JBP BRIEFING

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

Wednesday, August 26, 2026 · Vol. 1, Issue #84

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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: 6,502

BI Rate: N/A

USD/IDR: Rp17,715

S&P 500: 7,677.28

WTI Crude: USD 80.45/bbl

Gold: USD 4,699/oz

Bitcoin: USD 78,866

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,502

-0.37%

STI

Singapore

5,730

-0.09%

KLCI

Malaysia

1,742

+0.33%

Hang Seng

Hong Kong

25,511

-0.02%

Nikkei 225

Japan

65,565

-0.44%

S&P 500

US

7,677

+0.32%

FX Rates

PairRateChange

USD/IDR

17,715

+0.34%

USD/SGD

1.2693

-0.04%

USD/MYR

4.0330

-0.14%

USD/THB

32.70

+0.10%

USD/PHP

61.56

-0.15%

EUR/USD

1.1673

+0.04%

USD/JPY

159

-0.02%

USD/CNY

6.72

-0.03%

Commodities

CommodityPriceChange

Crude Oil (WTI)

80.45 USD/bbl

-5.36%

Brent Crude

85.30 USD/bbl

-7.45%

Gold

4,699 USD/oz

+1.26%

Data as of 26 Aug 2026, 08:42 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 98.94

US 10Y: 4.64%

S&P 500: 7,677.28

Gold: 4,698.20$/oz

WTI: 80.46$/bbl

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DEALS & TRANSACTIONS

CROSS-BORDER M&A

Chandra Asri Acquires Cycle & Carriage Automotive Business for US$207 Million

PT Chandra Asri Pacific Tbk (IDX: TPIA) has signed a conditional sales and purchase agreement to acquire the automotive business of Cycle & Carriage in Singapore and Malaysia. The deal, valued at approximately US$207 million (Rp3.68 trillion), marks a strategic expansion beyond its core energy and chemicals operations into regional mobility. The transaction is fully financed by Mizuho Bank, with Greenhill acting as exclusive financial adviser.

This acquisition reflects a growing trend of Indonesian conglomerates pursuing cross-border deals to diversify revenue streams and capture growth in adjacent sectors. For mid-cap companies, the deal demonstrates how access to international financing and advisory expertise can facilitate complex regional transactions, even amid a softer rupiah and global market uncertainty.

MY PERSPECTIVE

JBP Advisory Angle: This deal highlights the opportunity for Indonesian corporates to leverage cross-border M&A for strategic diversification, with advisory roles available in structuring, financing, and regulatory navigation.

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DOMESTIC M&A

SEFAS Group to Acquire 100% of Shell's Fuel Station Business in Indonesia

SEFAS Group has agreed to acquire 100% of Shell's fuel station business in Indonesia, a transaction still subject to regulatory approvals and expected to close by year-end. The acquisition covers Shell's retail network, which has been a notable foreign player in Indonesia's fuel retail market. This move aligns with SEFAS Group's strategy to expand its footprint in the energy distribution sector.

The deal underscores continued foreign divestment from non-core assets in Indonesia, creating opportunities for local players to consolidate market positions. It also highlights the importance of regulatory due diligence and the role of M&A advisers in navigating sector-specific rules, particularly in energy and retail, where licensing and land ownership issues are critical.

MY PERSPECTIVE

JBP Advisory Angle: The SEFAS-Shell transaction exemplifies a classic domestic acquisition where advisory value lies in managing regulatory approvals, valuation, and post-merger integration — a model replicable for other foreign divestitures.

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CAPITAL MARKETS & FUNDING

EQUITY CAPITAL MARKETS

IRSX Plans Jumbo Rights Issue of 12.39 Billion Shares

PT Folago Global Nusantara Tbk (IRSX) is preparing a rights issue of up to 12.39 billion new shares, along with 1.86 billion Series II warrants, pending shareholder approval at an extraordinary general meeting. The move is aimed at raising fresh capital to fund corporate expansion. This follows a trend of Indonesian listed companies tapping equity markets in H2 2026 to strengthen balance sheets and finance growth initiatives.

With the JCI at 6,502 and the rupiah at Rp17,715, market conditions remain challenging but issuers are pressing ahead, signaling confidence in long-term fundamentals. For companies considering similar capital raises, the key is timing and pricing to attract investor demand without excessive dilution.

MY PERSPECTIVE

JBP Advisory Angle: The IRSX rights issue illustrates the ongoing need for equity capital raising among Indonesian issuers, presenting advisory opportunities in structuring, pricing, and investor communication.

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EQUITY CAPITAL MARKETS

Four Issuers Plan Capital Raises in H2 2026

At least four Indonesian listed companies are preparing to raise fresh funds through rights issues or private placements in the second half of 2026, including PT Bhuwanatala Indah Permai Tbk (BIPP) and PT Folago Global Nusantara Tbk (IRSX). These actions are typically aimed at funding expansion, reducing debt, or improving working capital. BIPP, for instance, plans to issue up to 502.9 million new shares without pre-emptive rights, with an EGM scheduled for September 25.

This wave of capital-raising activity reflects a broader trend of corporate deleveraging and growth financing, even as market volatility persists. For investors, these deals offer opportunities to participate in corporate growth stories, but careful analysis of dilution and use of proceeds is essential.

MY PERSPECTIVE

JBP Advisory Angle: The cluster of capital raises signals robust ECM activity in Indonesia, with advisory mandates available for companies seeking to optimize their capital structure and execute successful transactions.

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REGULATORY & INVESTMENT CLIMATE

FOREIGN INVESTMENT

New BKPM Regulation Cuts Minimum Paid-Up Capital for PT PMA to IDR 2.5 Billion

BKPM Regulation No. 5 of 2025, effective October 2, 2025, has reduced the minimum paid-up capital for a PT PMA (foreign-owned company) from IDR 10 billion to IDR 2.5 billion, a 75% decrease. However, the total investment plan must still be IDR 10 billion per KBLI code per project location, with the remainder to be realized in stages. This change significantly lowers the barrier to entry for foreign investors, particularly for smaller ventures.

This regulatory shift is part of Indonesia's broader effort to attract foreign direct investment, especially in sectors aligned with national priorities. For foreign founders, the reduced upfront capital requirement makes it easier to establish a presence and test the market, while still committing to long-term investment.

MY PERSPECTIVE

JBP Advisory Angle: The lowered capital threshold expands the pool of potential foreign investors, creating advisory opportunities for structuring market entry, ensuring regulatory compliance, and optimizing investment timelines.

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COMMODITIES POLICY

Indonesia's Planned Commodity Exchange to Cover Palm Oil, Nickel, and Coal

The Indonesian government is planning to establish a national commodity exchange covering palm oil, nickel, and coal, as part of President Prabowo's strategy to leverage the country's natural resources for economic growth. This follows a May policy to centralize commodity exports. The exchange aims to improve price discovery and bargaining power for Indonesian commodities in global markets.

For businesses in these sectors, the exchange could introduce new trading mechanisms, hedging opportunities, and regulatory requirements. It also signals a push toward greater state involvement in commodity markets, which could impact pricing and export dynamics.

MY PERSPECTIVE

JBP Advisory Angle: The commodity exchange initiative may create M&A opportunities as companies adjust to new trading frameworks, with advisory roles in compliance, restructuring, and strategic partnerships.

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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 #84 · Wednesday, August 26, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia