PT Samuel Sekuritas Indonesia Increases RLCO Stake to 28.7% Amid Suspected Margin Call Following 72% Stock Price Collapse

PT Samuel Sekuritas Indonesia (SSI), an underwriter of PT Abadi Lestari Indonesia Tbk. (RLCO), dramatically increased its shareholding to 28.7 percent following a repurchase agreement transaction on June 9, 2026. The move coincided with a severe collapse in RLCO's stock price, which plummeted 72 percent from its all-time high, raising market concerns about a potential margin call situation.

According to regulatory filings disclosed to Indonesia's Financial Services Authority (OJK) on June 11, 2026, SSI purchased approximately 1.75 billion shares of RLCO at Rp378 per share, requiring a capital injection of Rp661.34 billion. This transaction significantly increased SSI's ownership from 5.082 billion shares (21.35 percent) to 6.832 billion shares (28.70 percent) of RLCO's issued capital. The purchase was formally categorized as a repurchase agreement intended for placement, disbursement, and margin call top-up purposes.

RLCO's share price experienced a dramatic decline from its all-time high of Rp8,700 on January 20, 2026, to Rp2,430 by June 8, 2026—a 72 percent depreciation. A margin call occurs when collateral value deteriorates sharply, forcing borrowers to deposit additional funds to maintain required loan-to-value ratios and prevent forced liquidation. In this case, the severe stock decline compelled SSI to substantially increase its shareholding to satisfy margin requirements.

The sharp increase in SSI's stake—from a previously reported 5 percent to 28.7 percent—signals significant market pressure and raises questions about market confidence in RLCO's fundamentals. The situation has created uncertainty among investors regarding the company's financial stability and future prospects. Neither RLCO nor SSI has provided detailed public clarification regarding the circumstances surrounding this transaction as of the report date.

Investors are advised to monitor ongoing developments closely. The sustainability and implications of this capital commitment will likely influence market sentiment toward RLCO shares and broader confidence in the stock's valuation.