JAKARTA — PT Raharja Energi Cepu Tbk (RATU), a listed company controlled by Happy Hapsoro, has acquired 100% of the shares in SMS Development Limited to strengthen its business portfolio in the oil and gas sector.

Based on a disclosure on Friday (26/12), the corporate action was carried out through RATU’s subsidiary, PT Raharja Energi Madura (PT REM), which on 25 December 2025 signed a share purchase agreement with SMS Offshore Overseas Limited.

Management said the signing of the agreement forms part of the company’s long-term strategy to reinforce its upstream oil and gas portfolio.

PT REM is an RATU subsidiary indirectly controlled through PT Raharja Energi Indonesia, with an indirect ownership stake of 51%.

SMS Development Limited is a company established and governed under the laws of the British Virgin Islands and holds a 20% stake in Husky-CNOOC Madura Limited (HCML).

HCML is an upstream oil and gas contractor operating in the Madura Strait Working Area under a Production Sharing Contract (PSC) with SKK Migas.

Management emphasised that, as of the date of this disclosure, the transaction has not had a material impact on RATU’s operations, financial condition, or business continuity, as it remains subject to certain conditions precedent and has not yet become effective.

The signing of the agreement follows RATU’s designation as the winner of the share sale process for SMS Development Limited, which was announced on 1 December 2025.

From a financial perspective, RATU recorded net profit of USD 11.76 million through the third quarter of 2025, up 28.1% from USD 9.18 million in the same period a year earlier.

The increase in net profit came despite a decline in revenue. For the January–September 2025 period, RATU posted revenue of USD 37.61 million, down 12.97% from USD 43.21 million in the corresponding period last year. (DK/ZH)