Visionary Capital Global Pte Ltd, a company based in Singapore, has announced its plan to acquire 69.34% ownership in PT Platinum Wahab Nusantara Tbk (TGUK).

The shares in question will be purchased from PT Dinasti Kreatif Indonesia, the current majority shareholder of TGUK.

However, Visionary Capital Global remains somewhat of a mystery, as very limited public information is available about the firm. The Indonesia Stock Exchange (IDX) has therefore requested clarification from TGUK regarding the identity and background of Visionary Capital Global.

In a public disclosure, TGUK’s management stated that Visionary Capital Global Pte Ltd is a holding company established in Singapore on April 21, 2025, and is located at 73 Ubi Road 1 / #08-54 Oxley Bizhub, Singapore.

“Visionary Capital Global Pte Ltd was specifically founded by its shareholders for the purpose of acquiring PT Platinum Wahab Nusantara Tbk (TGUK),” explained TGUK’s management.

The ownership structure of Visionary Capital Global consists of Janni holding 90% of the shares, Agus Suhada owning 5%, and Antonius Bobby Siswanto also holding 5%. The ultimate beneficial owner is identified as Janni.

Visionary Capital Global Pte Ltd operates as a holding and investment company. As of now, the company does not have an official website.

“Following the acquisition, the new controlling shareholder intends to add a new line of business—frozen food sales—on top of the existing operations of PT Platinum Wahab Nusantara Tbk (TGUK),” TGUK’s management further elaborated.

Stock Price Surge

The takeover of PT Platinum Wahab Nusantara Tbk is expected to be completed before August 31, 2025. The acquisition price will be finalized at the time of signing the Conditional Share Purchase Agreement (CSPA).

“To date, the agreement specifies that Visionary Capital Global Pte Ltd will acquire 59.34% of TGUK shares from PT Dinasti Kreatif Indonesia,” TGUK’s management stated.

Additionally, the price for the mandatory tender offer by Visionary Capital Global Pte Ltd has been set at Rp 66 per share.

The Indonesia Stock Exchange (IDX) has imposed a trading suspension on PT Platinum Wahab Nusantara Tbk (TGUK) shares starting from the first session on Monday, May 26, 2025, pending further announcement.

The IDX explained that the suspension was due to a significant cumulative increase in TGUK’s stock price, implemented as a protective measure for investors.

“The IDX deems it necessary to temporarily suspend the trading of PT Platinum Wahab Nusantara Tbk (TGUK) shares in both the regular and cash markets, starting from the first session on May 26, 2025,” the exchange announced.

As of March 14, 2025, TGUK’s share price stood at Rp 50. It has now surged by 174% to reach Rp 137.