JAKARTA – Shares of PT Remala Abadi Tbk (DATA) have soared 277.09% as of yesterday (9/5), one year since its debut on the stock exchange on 7 May 2024. The sharp rally was driven by the entry of PT Sarana Menara Nusantara Tbk’s (TOWR) subsidiary, which acquired a 40% stake in the company.

According to data from the Indonesia Stock Exchange (IDX) compiled on Tuesday (13/5), two companies held initial public offerings (IPOs) in May 2024: DATA and PT Xolare RCR Energy Tbk (SOLA). Of the two, only DATA’s stock has risen significantly over the past year, while SOLA’s share performance has declined.

DATA’s share price was recorded at IDR 992 per share at the close of trading last Friday (9/5), down 1.46% to IDR 1,350 per share. The stock opened at IDR 1,370, with an intraday high and low of IDR 1,405 and IDR 1,330 per share, respectively. However, this marks a significant jump from its IPO price of IDR 188 per share in May last year.

The surge in DATA’s share price followed the acquisition of a 40% controlling stake by PT Iforte Solusi Infotek (Iforte) on 30 April 2025. Iforte, a subsidiary of TOWR, acquired shares previously held by Verah Wahyudi Singgih Wong and Jimmi Anka for IDR 535.75 billion.

Following the acquisition, DATA’s shareholder structure now consists of 40% held by the controlling shareholder and 60% by non-controlling shareholders. Previously, the ownership was made up of 80.36% controlling and 19.64% non-controlling shareholders. The number of shareholders remains unchanged at 11,828 investors. (LK/ZH)