WIFI Stock Surges as Prabowo's Brother Join Shareholder Ranks
JAKARTA, investortrust.id – Shares of PT Solusi Sinergi Digital Tbk (WIFI), also known as Surge, surged to their auto reject limit during the first trading session on Monday, January 13, 2025 on the Indonesia Stock Exchange (IDX). The sharp rise followed the official entry of prominent figures, including Hashim S. Djojohadikusumo, Arwin Rasyid, and Fadel Muhammad, into the company’s shareholder ranks.
WIFI’s stock climbed by Rp 94 (24.74%) to close at Rp 474, with trading in the range of Rp 404-474. This marks a significant milestone for the telecommunications and fiber-optic provider, which has seen substantial growth over the past year. At the beginning of 2024, WIFI shares traded at Rp 149 per share, making today’s price a record high.
The rally comes on the heels of a Memorandum of Understanding (MoU) signed between WIFI shareholders and PT Arsari Sentra Data, a company controlled by Hashim S. Djojohadikusumo, the younger brother of Indonesian President Prabowo Subianto. The partnership aims to accelerate infrastructure development and broaden connectivity services.
WIFI’s financial performance has bolstered investor confidence, with the company reporting a 46% increase in net revenue to Rp 504 billion in the third quarter of 2024. Net profit surged by 355% to Rp 158 billion, compared to Rp 34 billion in the same period the previous year.
On December 23, 2024, a Sale and Purchase Deed formalized significant changes in WIFI’s ownership structure. Hashim, through PT Arsari Sentra Data, acquired 45% of PT Investasi Sukses Bersama, WIFI’s parent company. This transaction reduced Tinawati’s indirect ownership of WIFI to 24.80%, down from 47.35%.
In addition to Hashim, Arwin Rasyid, a seasoned corporate leader and former president director of PT Telkom Indonesia Tbk (TLKM) and Bank CIMB Niaga (BNGA), increased his stake in WIFI. Arwin acquired 27.22% of PT Media Wiguna Nusantara shares from PT Sinergi Investasi Digital, resulting in a 7.50% indirect ownership in WIFI.
Senior politician Fadel Muhammad also joined WIFI’s shareholder ranks, acquiring 27.22% of PT Media Wiguna Nusantara shares. This transaction granted him 7.50% indirect control of WIFI shares, aligning with his investment objectives.
As President Prabowo’s administration emphasizes digital transformation, the involvement of high-profile shareholders like Hashim, Arwin, and Fadel signals a bright future for WIFI. The company’s enhanced focus on infrastructure development and its strong financial performance are expected to drive further growth and investor interest.
WIFI President Director Yune Marketatmo expressed optimism about the new partnerships, emphasizing their potential to support the company’s expansion and long-term goals. “These transactions are strategic investments that will significantly strengthen WIFI’s position in the market,” Yune stated.
With its recent surge in stock performance and the backing of influential stakeholders, WIFI is well-positioned to capitalize on Indonesia’s growing demand for connectivity and digital infrastructure.
WIFI Stock Chart