ADHI's RUPO rejected: bondholders vote down Rp2.46 T interest deferral — BUMN Karya liquidity squeeze heats up ahead of merger
The bondholders' meeting (RUPO) on Oct 30, 2026 rejected ADHI's proposal to defer Rp2.46 trillion in bond interest payments; bondholders (including holders tied to Bank Mega) demanded collection within 14 business days. Context in contrast the same day: PTPP announced a Rp400 billion EPC contract for Pupuk Kaltim's Berth 11 (Nov 3), and related coverage noted ADHI's profit up 247% to Rp15.34 B as of September (off a small base) plus ADHI divesting Rp1.76 T in JMJ shares to focus on debt repayment. The ADHI-PTPP merger remains targeted for completion by end of November 2026.
The bondholders' meeting (RUPO) on Oct 30, 2026 rejected ADHI's proposal to defer Rp2.46 trillion in bond interest payments; bondholders (including holders tied to Bank Mega) demanded collection within 14 business days. Contrasting context the same day: PTPP announced a Rp400 billion EPC contract for Pupuk Kaltim's Berth 11 (Nov 3), and related coverage noted ADHI's profit up 247% to Rp15.34 B as of September (off a small base) plus ADHI divesting Rp1.76 T in JMJ shares to focus on debt repayment. The ADHI-PTPP merger remains targeted for completion by end of November 2026. - **Why it matters:** The RUPO rejection shows creditors are no longer giving breathing room — t