Gabriel Rey and Andry Hakim Bought TRUK at Rp428, Paper Gain Reaches Rp111.97 Billion

A large ownership transfer in a small Indonesian transportation company has produced a striking paper gain.

Entities linked to TRIV founder Gabriel Rey and investor Andry Hakim acquired a combined 20% stake in PT Guna Timur Raya Tbk, or TRUK, at Rp428 per share on September 18, 2026.

Four days later, TRUK closed at Rp1,715, after hitting its daily upper price limit.

Based purely on that closing price, the two stakes were worth about Rp149.21 billion, compared with a reported purchase cost of roughly Rp37.24 billion.

The difference: approximately Rp111.97 billion.

But that figure is an unrealized paper gain, not cash profit already taken from the market.

How the 20% Stake Changed Hands

PT Catur Dharma Anugerah Surya previously owned 87 million TRUK shares, equivalent to a 20% stake.

On September 18, it sold the entire position at Rp428 per share for roughly Rp37.24 billion, citing portfolio rebalancing as the purpose of the transaction.

The shares were then split between two new significant shareholders.

PT Pukul Rata Kanan acquired 65.25 million shares, or 15%.

PT Hakimson Growth Capital bought another 21.75 million shares, or 5%.

Both transactions were reported at Rp428 per share.

Gabriel Rey-Linked Entity Paid Rp27.93 Billion

PT Pukul Rata Kanan spent approximately Rp27.927 billion for its 65.25 million-share position.

Its ownership increased from zero to 15%.

The disclosed purpose was investment.

Gabriel Rey is the founder and chief executive of TRIV, an Indonesian digital-asset platform operating since 2015.

His own corporate site states that the Gabriel Rey brand is operated by PT Pukul Rata Kanan.

What the Stake Was Worth at Rp1,715

At TRUK's September 22 closing price, 65.25 million shares had an indicative market value of:

65.25 million × Rp1,715 = Rp111.904 billion.

Compared with the reported Rp27.927 billion acquisition cost, the difference is approximately:

Rp83.977 billion.

That is a substantial percentage gain on paper.

It does not mean PT Pukul Rata Kanan has received Rp83.98 billion in cash.

The gain would only become realized if shares were sold, and the actual proceeds would depend on the market price, liquidity and transaction costs at the time of sale.

Andry Hakim-Linked Entity Took 5%

Hakimson Growth Capital acquired 21.75 million shares, equivalent to 5% of TRUK.

At Rp428 per share, the transaction value was roughly Rp9.309 billion.

Hakimson describes itself as a private investment holding company founded and managed by Andry Hakim, who serves as its founder and chief executive.

At Rp1,715 per TRUK share, that 5% position had an indicative market value of approximately Rp37.301 billion.

The implied paper gain was therefore around Rp27.992 billion.

Combined Paper Gain: Rp111.97 Billion

The arithmetic is straightforward.

The share counts and purchase prices come from the reported ownership disclosures, while Rp1,715 was TRUK's September 22 closing price.

The market price was therefore roughly four times the reported acquisition price.

“Paper Gain” Is the Key Phrase

The distinction between realized and unrealized profit matters.

An unrealized gain is simply the increase in the calculated market value of an asset that is still held.

The investor has not necessarily sold anything.

If TRUK's price falls, the paper gain shrinks.

If it rises, the figure increases.

And a shareholder holding tens of millions of shares may not be able to sell the entire position at the last quoted market price without affecting liquidity and price formation.

That makes Rp111.97 billion an indicative mark-to-market calculation, not guaranteed proceeds.

TRUK Hit Its Upper Limit

TRUK closed at Rp1,715 on September 22, gaining 9.94% and reaching its Auto Rejection Atas limit.

It had risen about 45.34% over one week and 114.38% over one month.

Historical data show the stock at Rp1,295 on September 17, Rp1,420 on September 18, Rp1,560 on September 21 and Rp1,715 the following day.

The rally was therefore extremely rapid.

The Rally Started Before the Ownership Disclosure

That chronology is important.

The shares were already rising sharply before details of the ownership change were broadly reported on September 22.

TRUK had reached Rp1,420 by September 18 and Rp1,560 by September 21.

It would therefore be too simplistic to claim that Gabriel Rey and Andry Hakim's entry alone caused the full rally.

The ownership change became a major market talking point, but price momentum was already strong.

The Rp428 Transfer Price Is Unusually Far From the Market Quote

There is another notable detail.

The ownership transaction was reported at Rp428 per share on September 18.

TRUK's regular-market closing price that same day was Rp1,420.

That is a wide difference.

The disclosures reviewed confirm the transaction price and share amounts but do not provide a detailed explanation for how the Rp428 transfer price was determined.

Without an official explanation, it would be inappropriate to speculate about the reason for the gap.

Catur Dharma Exited Completely

Before the transaction, Catur Dharma Anugerah Surya owned exactly 87 million shares, or 20%.

It sold the entire position and reduced its ownership to zero.

The stated purpose was portfolio rebalancing.

That makes the September 18 transaction a material change in TRUK's shareholder structure.

Pukul Rata Kanan became a 15% shareholder, while Hakimson Growth Capital became a 5% shareholder.

Other Significant Shareholders Remain

PT Guna Makmur Raya remains another major shareholder with approximately 109.48 million shares, equivalent to 25.17%.

Other disclosed shareholders include Suminto Husin Giman, Suganto Gunawan and Suwito, each with roughly 5%.

The ownership change therefore introduced two new significant investors without automatically establishing either as the company's controlling shareholder.

A disclosure summary for Pukul Rata Kanan specifically states that the reporting shareholder did not become the controller following the transaction.

The Fundamentals Tell a Different Story

TRUK's stock rally has not yet been matched by an improvement in reported earnings.

For the first half of 2026, the company recorded revenue of approximately Rp19.24 billion, down slightly from Rp19.62 billion a year earlier.

Net loss widened to around Rp3.76 billion, from a Rp3.13 billion loss in the first half of 2025.

This does not mean the share price must fall.

Markets can price in expectations about future changes.

But it does mean the recent valuation surge cannot be explained by current reported profit growth.

TRUK More Than Doubled in About a Month

IDXChannel data show TRUK trading around Rp810 on August 24 and reaching Rp1,715 on September 22.

That represents a gain of approximately 111.73% over the period.

The speed of the move increases the importance of separating share-price momentum from company fundamentals.

A stock can rise much faster than revenue or earnings change.

That gap can persist, but it also increases sensitivity to expectations and market sentiment.

Who Is Gabriel Rey?

Gabriel Rey is the founder and CEO of TRIV.

TRIV describes him as one of the figures involved in developing Indonesia's digital-asset ecosystem, with the platform operating since 2015.

His TRUK exposure represents a move into a listed transportation and logistics company through PT Pukul Rata Kanan.

The 15% holding is significant, but the available ownership report does not classify Pukul Rata Kanan as the controlling shareholder.

Who Is Andry Hakim?

Andry Hakim is the founder and CEO of Hakimson, a Jakarta-based private investment holding company.

Hakimson says its investments are privately owned and managed by Hakim.

Hakimson Growth Capital's 5% stake makes it another significant shareholder in TRUK.

The ownership disclosure establishes the position but does not by itself prove what operational or strategic role Hakim may take in the company.

The Rp112 Billion Figure Is Not TRUK's Profit

Another distinction is essential.

The Rp111.97 billion figure relates to the investors' mark-to-market share-price gain.

It is not additional profit earned by Guna Timur Raya.

It is not cash injected into the operating business after the transaction.

And it is not a dividend.

TRUK itself remained loss-making in its latest half-year financial figures.

The two numbers describe entirely different things: shareholder valuation and corporate operating performance.

What Comes Next Matters More

The ownership change will become economically more significant if it is followed by concrete developments.

Investors may watch for further shareholder disclosures, board changes, capital injections, new logistics contracts, fleet expansion, strategic partnerships or other corporate actions.

For now, the confirmed facts are narrower:

two new significant shareholders have entered, Catur Dharma has exited, and TRUK's market price has risen dramatically.

The strategic implications still need to be demonstrated through future disclosures and operating results.

Bottom Line

Entities linked to Gabriel Rey and Andry Hakim acquired a combined 87 million TRUK shares, or 20% of Guna Timur Raya, at Rp428 per share on September 18.

Their combined reported cost was approximately Rp37.24 billion.

At TRUK's September 22 closing price of Rp1,715, the stake had an indicative market value of about Rp149.21 billion.

That creates an estimated Rp111.97 billion unrealized gain on paper, assuming the shareholdings remained unchanged.

About Rp83.98 billion relates to Pukul Rata Kanan's 15% stake and Rp27.99 billion to Hakimson Growth Capital's 5% position.

But none of that should be described as realized profit unless the shares are actually sold.

At the same time, TRUK's first-half fundamentals remain challenging, with slightly lower revenue and a wider net loss.

The current story is therefore a combination of rapid market-price appreciation, a major shareholder reshuffle and operating fundamentals that have yet to show a comparable turnaround.

Disclaimer: This article is for informational and educational purposes only and is not personalized advice to buy, sell or hold TRUK shares.