The JBP Briefing — Wednesday, September 02, 2026 (Issue #91)

THE JBP BRIEFING

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

Wednesday, September 02, 2026 · Vol. 1, Issue #91

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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: 6,600

BI Rate: 5.75%

USD/IDR: Rp17,722

S&P 500: 7,631.47

WTI Crude: USD 91.72/bbl

Gold: USD 4,363/oz

Bitcoin: USD 76,945

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,600

+1.14%

STI

Singapore

5,710

-0.01%

KLCI

Malaysia

1,703

+0.14%

Hang Seng

Hong Kong

25,330

-0.93%

Nikkei 225

Japan

64,576

-2.48%

S&P 500

US

7,631

-0.71%

FX Rates

PairRateChange

USD/IDR

17,722

+0.18%

USD/SGD

1.2736

+0.22%

USD/MYR

4.0380

+0.26%

USD/THB

33.34

+0.65%

USD/PHP

62.56

+0.42%

EUR/USD

1.1581

-0.32%

USD/JPY

160

+0.37%

USD/CNY

6.72

-0.03%

Commodities

CommodityPriceChange

Crude Oil (WTI)

91.72 USD/bbl

+6.95%

Brent Crude

96.55 USD/bbl

+6.70%

Gold

4,363 USD/oz

-1.53%

Data as of 02 Sep 2026, 08:39 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 99.73

US 10Y: 4.80%

S&P 500: 7,631.47

Gold: 4,363.80$/oz

WTI: 91.71$/bbl

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DEALS & TRANSACTIONS

FINANCIAL SERVICES M&A

Maybank Acquires 51% of Etiqa Insurance for Rp21.59 Billion

On September 1, 2026, PT Bank Maybank Indonesia Tbk (BNII) announced the acquisition of a 51% stake in PT Asuransi Etiqa International for Rp21.59 billion. This move strengthens Maybank's presence in the Indonesian insurance sector, aligning with its regional expansion strategy.

The transaction reflects ongoing consolidation in Indonesia's financial services industry, where banks are diversifying into insurance to capture cross-selling opportunities. As the JCI trades at 6,600, financial institutions are leveraging M&A to enhance their product offerings and customer base.

MY PERSPECTIVE

JBP Advisory Angle: This acquisition signals a broader trend of regional banks seeking local insurance partnerships, creating advisory opportunities for mid-cap insurers evaluating strategic options.

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FINANCIAL SERVICES M&A

Bank DBS Indonesia Forms Financial Conglomerate by Taking Over 99% of DBS Vickers Sekuritas

PT Bank DBS Indonesia has officially established a financial conglomerate after acquiring 99% of PT DBS Vickers Sekuritas Indonesia (DBSVI). The transaction, completed on September 1, 2026, positions the bank as the operational holding company of the conglomerate, with DBSVI as a member.

This move integrates securities services under the bank's umbrella, creating a one-stop financial solution for clients. It reflects the growing trend of banks consolidating capital market activities to offer comprehensive services, especially as foreign investment flows into Indonesian equities and bonds remain dynamic.

MY PERSPECTIVE

JBP Advisory Angle: The integration of banking and securities operations sets a precedent for other financial groups, potentially triggering similar consolidation moves and creating mandates for M&A advisers.

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CAPITAL RAISING & CORPORATE ACTIONS

CAPITAL RAISING

DMS Propertindo (KOTA) Plans IDR 4.95 Trillion Rights Issue for Acquisitions

PT DMS Propertindo Tbk (KOTA) is preparing a rights issue to raise up to IDR 4.95 trillion, issuing up to 100 billion new Series B shares. The proceeds will fund the acquisition of PT Art Design Indonesia and PT Mandirinusa Graha Perkasa, with transactions valued at around IDR 4.4 trillion.

This jumbo rights issue is part of a broader wave of capital raising on the Indonesia Stock Exchange, with total rights issue values exceeding Rp42 trillion in 2026. The move allows KOTA to expand its property portfolio, aligning with the JCI's recovery and investor appetite for growth.

MY PERSPECTIVE

JBP Advisory Angle: The scale of this rights issue highlights the active capital markets environment, where property developers are using equity raises to fund strategic acquisitions, offering advisory roles in structuring and execution.

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REGIONAL & INFRASTRUCTURE INVESTMENT

INFRASTRUCTURE INVESTMENT

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

Salim Group has acquired Keppel's stake in their joint data center venture, now relaunched as IndoData. The venture, initially established in 2018, operates a 5MW facility in Bogor and is set for expansion under Salim's sole ownership.

This acquisition underscores the growing strategic importance of data centers in Indonesia, driven by digitalization and cloud adoption. With the government pushing for AI ecosystem development, data center infrastructure is becoming a key investment area, attracting both local and foreign capital.

MY PERSPECTIVE

JBP Advisory Angle: The consolidation in data center ownership signals a window for M&A advisers to facilitate partnerships between local conglomerates and global operators seeking to enter Indonesia's expanding digital infrastructure market.

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INFRASTRUCTURE INVESTMENT

Peregrine and Sinar Primera Launch Cold Storage JV in Indonesia

Peregrine Cold Logistics and Sinar Primera have formed a joint venture to develop tier-one cold storage assets across Indonesia, starting with 35,000 sqm in Greater Jakarta. The partnership aims to address the growing demand for cold chain logistics fueled by e-commerce and food retail.

This entry marks a significant investment in Indonesia's logistics infrastructure, which is crucial for the country's supply chain efficiency. As the rupiah weakens to Rp17,722/USD, such foreign-direct investments bring capital and expertise, supporting economic resilience.

MY PERSPECTIVE

JBP Advisory Angle: The joint venture model highlights how international logistics players are partnering with local developers, creating advisory opportunities for structuring cross-border deals in Indonesia's new economy real estate.

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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 #91 · Wednesday, September 02, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia