Swan.my.id - Backdoor listing prospects for SQMI and STRK have drawn attention, but the companies are facing two distinct corporate moves. Wilton Makmur Indonesia is seeking financial support for its Ciemas gold project, while Lovina Beach Brewery could get a new controlling shareholder. Neither development alone confirms that a new business will enter the listed company.
The distinction matters. Funding an existing operation and transferring control can affect a company in different ways. For investors assessing the two cases, the key question is whether either deal brings a material change in assets or business activities—not simply whether a new investor is involved.
Why SQMI needs funding for Ciemas
PT Wilton Makmur Indonesia Tbk (SQMI) owns the Ciemas Gold Project in Sukabumi, West Java. The project covers about 3,078 hectares. Data from 2018 recorded 3.26 million tonnes of ore reserves, with an average gold grade of 7.7 grams per tonne. Commercial operations began in March 2023, with processing capacity of 250 tonnes of ore per day.
However, operating difficulties have repeatedly disrupted production. El Niño affected activity in 2023, while cyanide shortages and extreme weather created further constraints in 2024. In 2025, unstable electricity supply and damage to roads and bridges added to the challenges.
That disruption has coincided with weak financial results. SQMI reported revenue of Rp591.04 million in the first half of 2026, down from Rp925.58 million a year earlier, and a net loss of Rp20.36 billion. Sales during the period were still supported by dore gold inventory valued at Rp782 million as of June 2026, below Rp908 million at the end of 2025.
Maxglory’s proposed financing is not a direct SQMI cash injection
Liquidity and debt obligations add to the pressure. A subsidiary had a Rp10.6 billion loan secured against 200 million SQMI shares, with a maturity date of June 20, 2026. The company’s first-half financial statements did not provide further clarification on repayment or an extension. A separate Rp15 billion loan, secured against 750 million shares, had been extended to February 5, 2027.
In October 2026, Wilton Resources Corporation Limited (WRC), SQMI’s parent company, signed an agreement with Maxglory Capital Limited (MCL), a private investment company from Hong Kong. The proposed placement of shares and convertible bonds has a gross value of about US$69.91 million. The intended uses include continuing development at Ciemas, meeting group obligations, and providing working capital.
Still, the agreement directs the funds to WRC, not automatically to SQMI’s own cash balance. How much support reaches the listed subsidiary, and under what terms, is therefore important. The financing may help the wider group, but its final impact on SQMI will depend on how the transaction proceeds and how funds are allocated.
What the SQMI deal does—and does not—show
On the available details, MCL’s involvement points primarily to financing and a potential indirect change in control. It does not, by itself, show that SQMI plans to acquire another company or inject a new operating business. The proposed use of funds instead focuses on Ciemas, existing obligations, and working capital.
That makes the transaction different from a clear business-entry scenario. SQMI’s core asset is already a gold project, and the stated funding purpose is to support that existing operation. Backdoor listing prospects would become more relevant to assess if the company later announced a material acquisition, an asset injection, or a substantial change in its business activities.
STRK faces a possible change of control
PT Lovina Beach Brewery Tbk (STRK) presents a separate case. The company operates in alcoholic beverages, including the production and distribution of craft beer. In October 2026, its major shareholder, PT Barito Mas Sukses, was reported to have signed an initial agreement to sell 61.87% of STRK to PT Beruntung Berkat Sejahtera (BBS).
The proposed sale remains indicative and non-binding. Completion depends on due diligence and the satisfaction of transaction conditions, so BBS has not yet become STRK’s controlling shareholder on the basis of that preliminary agreement alone.
BBS has attracted attention because it is also a major shareholder in PT Era Media Sejahtera Tbk (DOOH), with an ownership stake of about 15.09% based on circulating information. That connection has prompted speculation that STRK might eventually take on a different role. However, a shareholder’s interests in two listed companies do not prove that those businesses share a strategy or will be combined.
DOOH’s plans do not confirm a new STRK business
DOOH has been linked to plans to expand beyond media and advertising. It has proposed acquiring a 29.88% stake in PT Sinergi Inti Andalan Prima Tbk (INET) for about Rp2 trillion. The plan has been associated with a wider digital infrastructure ecosystem involving fiber networks, connectivity, and data centers.
Those ambitions provide context for market speculation, but they do not establish a plan for STRK. BBS’s position as a DOOH shareholder does not mean it represents every strategic decision made by DOOH. Nor does the proposed change in STRK ownership confirm that media, technology, or infrastructure assets will move into the brewery company.
What would strengthen the backdoor listing case?
For STRK, the immediate question is whether the proposed sale completes and what strategy a new controller then announces. If STRK continues operating its beverage business under a new owner, the transaction would chiefly represent a change of control. The backdoor listing question would become more substantial if the company later disclosed a business acquisition, an asset injection, or a material shift in its activities.
The same evidence-based test applies to SQMI, though its current story centers on funding rather than a proposed sale of control. Investors can distinguish the two situations by watching for completed transactions, formal disclosures about asset transfers, and clearly stated changes to business plans. Until such details emerge, the deals signal possible financial support for one company and a potential ownership transition for the other—not confirmed backdoor listings.
