Cable television and internet service provider PT Link Net (LINK) has responded to the recent divestment move by its controlling shareholder, Axiata Investment, which sold 136,203,259 shares of LINK at Rp3,060 per share on Tuesday, August 26, 2025.
Link Net’s President Director, Yosafat Marhasak Hutagalung, said the company is aware that Axiata is considering a potential divestment, but stressed that discussions are still preliminary.
“Based on the latest information from the controlling shareholder, these considerations are still at an early stage, with no decision or agreement on the continuation of the divestment transaction,” Yosafat said during Link Net’s virtual public expose on Wednesday, September 3, 2025.
He cited that the company has asked Axiata to provide updates on any developments.
“We will make further announcements once additional information is received from the controlling shareholder, or if disclosures are required under existing regulations,” he added.
Speculation is rife that PT Solusi Sinergi Digital (WIFI), also known as Surge and owned by Hashim Djojohadikusumo − the younger brother of President Prabowo Subianto − may acquire Axiata’s stake in Link Net. Surge Director Shannedy Ong confirmed that the company is currently bidding for the shares.
“Any material developments will be announced in accordance with OJK (Financial Services Authority) and IDX disclosure requirements,” Ong said on August 20, 2025.
Link Net’s Corporate Secretary, Rininta Agustina Widya Pratika, also acknowledged that the controlling shareholder was exploring potential strategic investors but emphasized that no official statement had been issued.
“As of the date of this letter, the company has not received further information from the shareholder regarding the matter or its progress,” Rininta said on August 15, 2025.
Reports have suggested that Surge, together with U.S.-based I Squared Capital, is among the leading contenders to acquire a majority stake in Link Net. The deal is estimated at US$1 billion (Rp16 trillion), which could make it one of the largest digital infrastructure transactions in Southeast Asia this year. According to DealStreetAsia, Axiata Group is now in the final stage of the divestment process, with UBS serving as financial adviser.
Other business giants, including Salim Group and Sinar Mas, had also expressed interest in purchasing Link Net, though no formal confirmation has been made.
Axiata and its Indonesian subsidiary, PT XL Axiata, previously acquired a 66.03 percent stake in Link Net from Lippo Group in 2022 for about US$500 million.
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