JAKARTA – PT Humpuss Intermoda Transportasi Tbk (HITS) is set to delist from the Indonesia Stock Exchange (IDX) after securing approval for its go-private plan from an Extraordinary General Meeting of Shareholders (EGMS) held on Monday (2/6).

In an official statement, HITS management said the delisting and go-private move was driven by a shift in business strategy within the Humpuss group.

Setiawan T. Widjojo, President Director of HITS, stated that the company no longer requires funding from the capital markets.

In addition, HITS wants to focus on asset management without the pressure of share price volatility. Its current cash flow is also no longer sufficient to allow for dividend distribution.

According to data from IDNFinancials.com, the last dividend paid by HITS was for the 2018 financial year, amounting to IDR 3 per share on 3 May 2019.

Setiawan urged shareholders to shift their portfolios to HITS’s subsidiary, PT Humpuss Maritim Internasional Tbk (HUMI).

“The core business activities of the group will largely be supported by PT Humpuss Maritim Internasional Tbk (HUMI), the company’s subsidiary,” Setiawan added.

HUMI, which is 76.5% owned by HITS, was newly listed on 9 August 2023.

According to IDNFinancials.com, HUMI shares opened at IDR 54 today (5/6), but fell 1.85% to IDR 53 by 9:45 AM.

Meanwhile, HITS will proceed with a voluntary tender offer to repurchase shares from the public.

“The offer to buy shares from public shareholders will be made through a voluntary tender offer by PT Joyo Agung Permata (JAP),” said Setiawan T. Widjojo, President Director of HITS.

Minutes of the EGMS show the tender offer price is set at IDR 330 per share—higher than the highest average trading price on IDX over the 90 days prior to the delisting announcement on 10 April 2025.

Listed since 1997, HITS operates in marine transport and energy distribution.

According to IDNFinancials.com, PT Humpuss controls 45.52% of HITS shares, followed by PT Menara Cakra Buana with 32.83%, and the public with 11.24%.

It is worth noting that Hutomo Mandala Putra—better known as Tommy Soeharto—also holds a 10.4% stake in the company. (ZH)