PT Humpuss Intermoda Transportasi Tbk (HITS), a tanker shipping company owned by Hutomo Mandala Putra (Tommy Soeharto), has announced plans to delist its shares from the Indonesia Stock Exchange (IDX) and transition into a private entity.
In an official disclosure, the company confirmed its intention to change its status from a public company to a private one.
“The Board of Directors hereby informs shareholders of the Company’s plan to go private and delist. In accordance with applicable regulations, any public company seeking to go private and delist must comply with the provisions outlined in POJK No. 45/2024,” stated HITS President Director Setiawan T. Widjojo in a prospectus published Friday (April 11, 2025).
To formalize the decision, HITS will hold an Extraordinary General Meeting of Shareholders (EGMS) on May 21, 2025, seeking approval for the proposed delisting and go-private process.
For context, Tommy Soeharto directly holds 10.4% of HITS shares, while 45.52% is owned by PT Humpuss, another company under his control.
As part of the approved delisting and privatization plan, a voluntary tender offer will be made by PT Joyo Agung Permata (JAP) to purchase shares held by public investors. The offer price will be calculated based on the formula set out in Article 36 of POJK No. 45/2024, ensuring it exceeds the highest average daily trading price on the IDX over the last 90 trading days.
The decision to go private is tied to a strategic shift in the group’s business direction. Moving forward, the group’s core operations will largely be supported by HITS subsidiary, PT Humpuss Maritim International Tbk.
“As such, the Company no longer requires capital market funding and has no future plans to raise capital from the market,” Widjojo explained.
The move also reflects the company’s desire for greater operational flexibility, free from the pressures of public market performance. HITS aims to better manage its investment portfolio and assets, implement efficiency measures, and undergo internal restructuring.
“Given the current state of the Company’s cash flow, it is also no longer in a position to distribute dividends to shareholders,” he added.
Ahead of the announcement, HITS requested a temporary trading suspension from the IDX on March 26, 2025. A day earlier (March 25), the exchange had issued an Unusual Market Activity (UMA) warning following a sharp decline in the company’s share price.