Swan.my.id — Indonesia - Merdeka Group has three publicly listed companies on the Indonesia Stock Exchange (IDX): PT Merdeka Copper Gold Tbk (MDKA), PT Merdeka Battery Materials Tbk (MBMA), and PT Merdeka Gold Resources Tbk (EMAS).
MDKA serves as the group's parent company. MBMA focuses on the nickel value chain, while EMAS operates in gold mining through the Pani Gold Mine in Gorontalo.
As of August 12, 2026, MDKA held 64.01% of EMAS's voting rights. Meanwhile, MDKA held 50.04% of MBMA through its subsidiary, PT Merdeka Energi Nusantara, based on ownership data as of February 27, 2026.
The three stocks also have different market prices. Based on their closing prices on September 23, 2026, one lot cost Rp308,000 for MDKA, Rp52,500 for MBMA, and Rp780,000 for EMAS, before transaction fees.
What Are the Merdeka Group Stocks?
The Merdeka Group stocks listed on the IDX are MDKA, MBMA, and EMAS. All three companies operate in the basic materials sector and have exposure to mining commodities.
However, each company has a different primary business focus.
| Code | Company | Main Business | Listed Since |
|---|---|---|---|
| MDKA | PT Merdeka Copper Gold Tbk | Gold, silver, copper, and other minerals | June 19, 2015 |
| MBMA | PT Merdeka Battery Materials Tbk | Nickel and battery materials | April 18, 2023 |
| EMAS | PT Merdeka Gold Resources Tbk | Gold mining | September 23, 2025 |
MDKA is the parent company that controls MBMA and EMAS. Therefore, investors should understand the group's corporate structure when comparing the three stocks.
Because MBMA and EMAS are controlled by MDKA, their financial results are consolidated into MDKA's financial statements. This means investors should not simply add the revenue or profits of all three companies to calculate the group's total performance.
Who Owns the Merdeka Group?
Ownership of the Merdeka Group can be traced through MDKA and its major shareholders.
Based on shareholder data as of February 27, 2026, PT Saratoga Investama Sedaya Tbk held 19.37% of MDKA. PT Mitra Daya Mustika held 11.88%, while Garibaldi Thohir directly held 7.46%.
Other major shareholders included PT Suwarna Arta Mandiri, Hongkong Brunp and CATL Co. Ltd, and the Government of Banyuwangi Regency.
| MDKA Shareholder | Ownership |
|---|---|
| PT Saratoga Investama Sedaya Tbk | 19.37% |
| PT Mitra Daya Mustika | 11.88% |
| Garibaldi Thohir | 7.46% |
| PT Suwarna Arta Mandiri | 5.46% |
| Hongkong Brunp and CATL Co. Ltd | 4.93% |
| Government of Banyuwangi Regency | 3.98% |
The shareholder structure can change over time. Therefore, investors should refer to the latest disclosures when assessing current ownership.
Katadata previously reported Saratoga and PT Provident Investasi Bersama Tbk as controlling shareholders of MDKA. The report also identified Edwin Soeryadjaya and Winato Kartono as ultimate beneficial owners, while Garibaldi Thohir held MDKA shares directly.
What Does MDKA Do?
MDKA operates in the mining industry, with exposure to gold, silver, copper, and other minerals.
Its major assets include the Tujuh Bukit Gold Mine in Banyuwangi, East Java, and the Wetar Copper Mine in Southwest Maluku. The company is also developing the Tujuh Bukit Copper project.
MBMA and EMAS provide additional exposure to nickel and gold within the broader Merdeka Group structure.
MDKA reported revenue of US$620.3 million in the first quarter of 2026. The figure increased 24% from US$502.2 million in the same period a year earlier.
Net profit attributable to the parent company's owners reached US$57.5 million. This compared with a net loss of US$3.7 million in the first quarter of 2025.
The figures cover January 1 to March 31, 2026, and should not be interpreted as a guarantee of future performance.
What Does MBMA Do?
MBMA focuses on the nickel value chain. Its operations support both stainless steel production and battery materials for electric vehicles.
The company's business includes nickel mining, nickel pig iron (NPI) production, nickel matte, and mixed hydroxide precipitate (MHP).
One of its important assets is the SCM nickel mine in Southeast Sulawesi. MBMA owns 51% of the project, while Tsingshan holds the remaining 49%.
In the first quarter of 2026, MBMA reported revenue of US$455.1 million. Revenue increased 24% from US$366.1 million a year earlier.
Consolidated net profit reached US$82 million, while profit attributable to the parent company's owners stood at US$29.9 million. The latter compared with a US$3.5 million loss in the first quarter of 2025.
SCM produced 7.7 million wet metric tons of nickel ore during the period, representing a 143% year-on-year increase.
These figures cover January 1 to March 31, 2026.
What Does EMAS Do?
EMAS focuses on gold mining through the Pani Gold Mine in Pohuwato, Gorontalo.
The Pani project has an estimated mineral resource of around 7 million ounces of gold. EMAS made its debut on the IDX on September 23, 2025, through an initial public offering priced at Rp2,880 per share.
The IPO raised approximately Rp4.66 trillion.
The Pani Gold Mine poured its first gold in February 2026 and recorded its first gold sales in March 2026.
During the first half of 2026, EMAS produced 17,412 ounces of gold. Revenue reached US$30.86 million, compared with US$83,786 in the first half of 2025.
Despite the sharp increase in revenue, EMAS still recorded a net loss of US$14.88 million. The loss was narrower than the US$16.05 million loss recorded a year earlier.
The figures cover January 1 to June 30, 2026.
How Much Does One Lot of MDKA, MBMA, and EMAS Cost?
A standard lot on the Indonesian stock market contains 100 shares.
Based on closing prices on September 23, 2026, the estimated value of one lot was as follows:
| Stock | Closing Price | One Lot | Estimated Buy Fee | Estimated Total |
|---|---|---|---|---|
| MDKA | Rp3,080 | Rp308,000 | Rp462 | Rp308,462 |
| MBMA | Rp525 | Rp52,500 | Around Rp79 | Around Rp52,579 |
| EMAS | Rp7,800 | Rp780,000 | Rp1,170 | Rp781,170 |
The estimates use a 0.15% purchase fee cited in the provided Pluang material. Stock prices can change during every trading session, so the actual amount required may differ.
Investors should also distinguish brokerage fees from other market charges and applicable taxes.
What Factors Can Affect Merdeka Group Stock Prices?
Several factors can influence MDKA, MBMA, and EMAS. Commodity prices are among the most important because the companies have significant exposure to gold, copper, and nickel.
Other factors include:
- Commodity prices: Changes in gold, copper, and nickel prices can affect revenue and margins.
- Production levels: Production growth can influence financial performance and investor expectations.
- Project development: New mines and processing facilities can affect future production capacity.
- Corporate transactions: Changes in MDKA's ownership of subsidiaries can affect the group's structure.
- Market sentiment: Mining stocks can experience significant price movements when commodity or broader market sentiment changes.
- Group consolidation: Developments at MBMA or EMAS can also be reflected in MDKA's consolidated financial statements.
For example, MDKA increased its ownership of EMAS by purchasing 100.56 million shares between July 28 and August 12, 2026. Its voting-rights position subsequently increased from 63.33% to 64.01%.
Past share-price movements do not indicate future performance.
How to Buy Merdeka Group Stocks on Pluang
MDKA, MBMA, and EMAS can be traded through the Indonesian Stocks section of the Pluang application.
The minimum purchase is one lot, equivalent to 100 shares.
Investors can follow these general steps:
- Open the Pluang application and log in.
- Select the Indonesian Stocks menu.
- Search for MDKA, MBMA, or EMAS.
- Select the stock and tap the buy option.
- Enter the desired price and number of lots.
- Make sure the RDN balance is sufficient for the order and applicable fees.
- Review the transaction details and confirm the order.
- Check the transaction status in the order or transaction history.
Investors should also consider diversification because MDKA, MBMA, and EMAS are connected through the same corporate group and operate in the mining sector.
Understanding the Merdeka Group Before Investing
The Merdeka Group provides exposure to several major mining commodities through three listed companies.
MDKA acts as the parent company, while MBMA focuses on nickel and battery materials and EMAS focuses on gold mining. Their businesses are different, but their corporate relationships mean that developments at one company can have implications for the others.
For investors, the ownership structure is therefore an important part of understanding the three stocks. Financial statements, production data, commodity prices, project development, and corporate actions can also provide additional context.
However, each company has its own financial profile and business risks. Investors should review the latest company disclosures and IDX information before making an investment decision.
The information above is for identification and educational purposes. It is not investment advice or a recommendation to buy or sell any security. All investments carry risks, including the possibility of losing investment value.