Swan.my.id - WIKA has completed the WIKA Winner share sale, transferring its entire 44.18% stake in PT Wijaya Karya Industri Energi (Winner) to PT Wijaya Karya Rekayasa Konstruksi (WIKA Rekon). The transaction involved 50.91 million shares and carried a stated value of Rp641 million. It took place on October 21, 2026.
The transfer changes how Winner’s shares are held within the WIKA Group. Before the deal, WIKA directly owned 44.18% of Winner, while WIKA Rekon held the remaining 55.82%. After the transfer, WIKA Rekon holds the shares previously owned directly by WIKA, bringing the two companies’ interests together under one shareholder.
How the Winner ownership changed
WIKA Rekon was already Winner’s majority shareholder before the transaction. Its 55.82% holding gave it the larger direct stake, while WIKA held the other 44.18%. The transaction therefore did not introduce a new buyer to Winner’s ownership structure; it moved WIKA’s existing shares to an affiliated company.
WIKA controls WIKA Rekon through a 98.94% ownership interest. As a result, the transfer places all of Winner’s shares with WIKA Rekon while keeping the buyer within the WIKA Group. The disclosed figures indicate that the change concerns the direct holding structure, rather than a sale of the stake to an outside investor.
That distinction matters when describing the transaction. WIKA has divested its direct ownership in Winner, but the buyer is an entity it controls. The shareholding route has changed, while WIKA Rekon’s existing relationship with Winner remains central to the group’s ownership arrangement.
WIKA says the transfer supports portfolio restructuring
WIKA described the transaction as part of a wider effort to organize the group’s portfolio. The company said the move aims to optimize investments and simplify the ownership structure of its subsidiaries. Consolidating Winner’s shares under WIKA Rekon fits that stated purpose by removing WIKA’s separate direct holding.
However, WIKA did not disclose additional operational changes for Winner as part of the announcement. The information provided concerns the share transfer, its value, the ownership percentages and the stated portfolio rationale. It does not specify changes to Winner’s business activities, management or investment plans.
WIKA said the action aligns with its 2026 Work Plan and Budget, known as RKAP 2026. It also linked the decision to directions from majority shareholder PT Danantara Asset Management and Presidential Instruction No. 7 of 2026. Those references place the transfer within the company’s stated planning and shareholder context.
Transaction value and regulatory treatment
WIKA President Director I Ketut Pasek Senjaya Putra stated that the transaction value was Rp641 million. The figure relates to the transfer of 50.91 million Winner shares, representing 44.18% of the company’s issued capital. WIKA disclosed the value in a statement published on Friday, October 23, two days after the transaction date.
The company also addressed the rules on affiliated transactions. Because WIKA sold the shares to WIKA Rekon, an entity under its control, the transaction involved affiliated companies. WIKA said it was excluded from the affiliated-transaction procedures under Article 6 paragraph (1) letter c of Financial Services Authority Regulation (POJK) No. 42/2020.
According to the company, the stated basis for that exclusion was the transaction’s size. WIKA said the value did not exceed 0.5% of its paid-up capital and was also below Rp5 billion. These are the thresholds cited in the company’s explanation; the disclosure does not describe a broader waiver from other reporting or corporate obligations.
What the transfer means for the group structure
The clearest immediate effect is a simpler direct ownership arrangement for Winner. Before the sale, the shares were split between WIKA and WIKA Rekon. Following the transfer, WIKA Rekon holds the shares from both positions, while WIKA no longer has a direct stake in Winner.
At the same time, the group relationship remains relevant because WIKA owns 98.94% of WIKA Rekon. The sale therefore reorganizes where the shares sit within the group rather than transferring them to an unrelated party. That is consistent with WIKA’s description of the deal as portfolio organization and ownership simplification.
The transaction value and share count also define the scope of what WIKA disclosed. The announcement identifies the shares transferred, the buyer, the date and the stated consideration. It does not provide further details about how the proceeds will be used, nor does it set out a separate timetable for additional restructuring steps.
Key details investors can track
For investors following WIKA, the completed transfer provides a specific change in the group’s subsidiary ownership map. WIKA’s direct 44.18% holding in Winner has moved to WIKA Rekon, which previously held 55.82%. WIKA’s reported 98.94% control of the buyer helps explain why the group continues to have an indirect connection to Winner.
Further developments would need to come from subsequent company disclosures. Based on the announced transaction, the main points are the October 21 completion date, the 50.91 million shares transferred, the Rp641 million value and WIKA’s stated restructuring rationale. Together, those details show a consolidation of Winner’s shareholding within the WIKA Group, not a transfer to an external purchaser.
