Adhi Karya Postpones Shareholder Meeting on Jasamarga Jogja-Solo Divestiture to 4 December
The meeting, originally set for 13 November, will now decide the share divestiture that forms part of the cross-holdings restructuring preceding the state constructor mergers, as Danantara reiterates a November target.
PT Adhi Karya has postponed its extraordinary general meeting to 4 December 2026, from the original 13 November date, CNBC Indonesia reported on 13 November. The agenda includes shareholder approval of Adhi's divestment of its stake in PT Jasamarga Jogja Solo, part of the cross-shareholding restructuring that precedes the planned mergers of state construction firms. Danantara, the sovereign wealth manager overseeing the consolidation, reiterated on 13 November that the PTPP-Adhi and Nindya-Brantas mergers are to be completed first, with a target of end-November 2026, while Waskita and WIKA proceed on separate restructuring tracks focused on asset optimization and debt reduction; Hutama Karya was described as relatively healthy.
If the schedule holds, Indonesia's state construction landscape will consolidate from four listed entities into two within weeks, with the merged entities then facing system consolidation - ERP migration, project reporting standardization and contract documentation harmonization across legacy organizations. The repeated scheduling shifts, however, underline how fluid the timeline remains.