Shares of PT Solusi Sinergi Digital Tbk. (WIFI) surged back into positive territory after its controlling shareholder made a large stock purchase. On Monday’s trading session (August 11, 2025), WIFI shares closed up 5.47% at IDR 2,700 per share. The rally was triggered when PT Investasi Sukses Bersama (ISB) — one of whose major shareholders is Hashim Sujono Djojohadikusumo — announced an ownership increase at a premium price of IDR 2,880. The purchase amounted to 30,095,800 shares, equivalent to IDR 86.67 billion.

Previously, the company also participated in a rights issue with a target of IDR 5.9 trillion in July 2025, subscribing to half of its entitled portion. Surge’s Director, Shannedy Ong, stated that the company received a letter from ISB on August 11, 2025, regarding the transaction. Following the purchase, ISB’s ownership in WIFI rose from 2,848,251,929 shares (53.65%) to 2,878,347,729 shares (54.22%).

In its disclosure, Shannedy explained that the purchase was intended to expand ISB’s investment portfolio through direct ownership.

Year-to-date (YtD) in 2025, WIFI shares have skyrocketed over 550%, with market capitalization surpassing IDR 10 trillion. Based on Bloomberg’s consensus as of Monday (August 11, 2025) at 4:07 PM WIB, all brokerage houses covering WIFI stock issued a “buy” recommendation. Analysts set a 12-month price target of IDR 3,790, implying a potential return of 43.6% from the last price of IDR 2,640.

WIFI’s “Affordable Internet” project has drawn public attention due to its low-cost internet expansion plan. In April 2025, the company brought in Japanese investor Nippon Telegraph & Telephone East Corp (NTT East) into its subsidiary PT Integrasi Jaringan Ekosistem (IJE). NTT East acquired a 49% stake in IJE via private placement, investing IDR 4 trillion. Together, they aim to raise a total of IDR 9.8 trillion to develop a low-cost fiber-to-the-home (FTTH) internet business, offering subscriptions at IDR 100,000 per month. The company targets reaching 40 million households within the next five years.

Additionally, WIFI has expressed interest in participating in the 1.4 GHz frequency auction opened by the Ministry of Communication and Digital Affairs (Komdigi). This spectrum will be used for broadband wireless access (BWA) services to provide fast and affordable internet. Surge’s President Director, Yune Marketatmo, confirmed this interest on July 29, 2025. Management said they are still in the internal review stage to ensure readiness and strategic alignment before participating in the e-Auction scheduled for August 11–13, 2025.

The auction covers three regional blocks, each spanning 80 MHz in the 1432 MHz range, using time division duplexing. The radio frequency usage license (IPFR) will be valid for 10 years. Participants must hold business licenses in accordance with Indonesia’s KBLI, including fixed fiber optic network operators and internet service providers (ISPs).

In terms of performance, as of the first half of 2025, WIFI posted a net profit of IDR 227.9 billion and revenue of IDR 513.4 billion, up 66.17% from IDR 309 billion in the same period of 2024. Revenue came from advertising (IDR 232.8 billion), bandwidth (IDR 241.2 billion), core leasing (IDR 31.4 billion), colocation (IDR 1.15 billion), and managed telco services (IDR 7.5 billion). Cost of revenue dropped 6.59% to IDR 121.1 billion from IDR 129.6 billion, boosting gross profit by 118.76% to IDR 392.3 billion from IDR 179.3 billion. Net profit surged 153.62% from IDR 89.8 billion in the first half of 2024 to IDR 227.9 billion.