JAKARTA &mdash; 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&rsquo;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&rsquo;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&rsquo;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&rsquo;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&ndash;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)

RATU acquires SMS Development via subsidiary to reinforce upstream oil and gas operations.