PT Sinergi Inti Andalan Prima (INET) is poised for a significant growth chapter, having secured an effective statement from the Financial Services Authority (OJK) on December 22, 2025, for its upcoming rights issue. This substantial corporate action aims to raise approximately IDR 3.2 trillion, channeling vital capital into critical digital infrastructure expansion across Indonesia and promising to reshape the company’s trajectory in the burgeoning connectivity market.

Unpacking INET’s Landmark Rights Issue

INET’s move to strengthen its capital base comes at a pivotal moment for Indonesia’s digital economy. This rights issue, officially announced here, is designed to fuel aggressive strategic initiatives.

Key Dates and Investment Snapshot

Investors must mark their calendars for these crucial dates:

• Cum-Rights Date (Regular & Negotiated Market): January 2, 2026
• Trading and Exercise Period for Rights: January 8 – January 22, 2026

The offering features:

• A maximum issuance of 12.8 billion new shares.
• An exercise price set at IDR 250 per share.
• A ratio of 3 new shares for every 4 existing shares held.
• Potential dilution of up to 57.14%, a common trade-off for significant growth financing.

Fueling Growth: Strategic Capital Allocation

The impressive IDR 3.2 trillion capital injection serves as a powerful catalyst for INET’s ambitious expansion plans. The funds are strategically earmarked for three critical areas:

1. Fiber-to-the-Home (FTTH) Network Expansion: A substantial portion will finance the deployment of 2 million homepasses across the high-growth markets of Bali and Lombok, significantly enhancing INET’s last-mile connectivity reach.
2. Undersea Cable Network Investments: Funds will facilitate the repayment of indefeasible right of use (IRU) costs for undersea cable networks, reinforcing INET’s backbone infrastructure and ensuring robust data transmission capabilities.
3. Bolstering Working Capital: A prudent allocation for operational fluidity and to support the accelerated pace of business development.

Controlling Shareholder’s Commitment Signals Confidence

Adding a layer of confidence, PT Abadi Kreasi Unggul Nusantara, the controlling shareholder, has declared its intent to fully exercise its rights and act as a standby buyer. This strong endorsement underscores a firm belief in INET’s long-term vision and operational execution.

Warrants: An Additional Upside Opportunity

Beyond the shares, the rights issue will be accompanied by a concurrent issuance of approximately 2.3 billion warrants, presenting an additional layer of potential value for investors.

• Warrant Ratio: 9 warrants for every 50 new shares acquired (based on market practice for accompanying warrants, where 50:9 typically implies 50 base units entitle 9 units).
• Exercise Price: IDR 300 per share.
• Warrant Exercise Period: July 13, 2026 – July 13, 2028, offering a generous window for potential upside capture.

Investor Outlook: Balancing Dilution with Digital Dominance

For investors, this rights issue presents a classic growth equity scenario. While the substantial dilution effect requires careful consideration, it is the direct consequence of INET’s aggressive pursuit of market leadership. The capital infusion is a strategic lever, positioning INET to capitalize on Indonesia’s escalating demand for high-speed internet and robust digital infrastructure. By expanding FTTH in key tourist and economic hubs like Bali and Lombok, and reinforcing its undersea cable network, INET is not just growing; it’s building essential arteries for the nation’s digital future. Investors are tasked with evaluating whether the long-term potential for market dominance outweighs the immediate dilutive impact, eyeing INET as a compelling play on Indonesia’s sustained digital transformation.