Hartadinata Abadi signs EMASKU deal. Hartadinata Abadi stock faces 9.09 percent dilution

Published on 10/12/2026 at 10:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The one-year deal covers 99.99 percent gold bars and expands EMASKU distribution. Hartadinata Abadi stock faces 9.09 percent dilution on October 16.

Key points in brief

Hartadinata Abadi signed a one-year EMASKU gold-bar sales agreement with Bank Mandiri on October 2, 2026.
The planned October 16, 2026 shareholder vote covers up to 460,526,240 new shares and 9.09 percent potential dilution.
Second-quarter 2026 revenue reached IDR 13.6 trillion and net income was IDR 266.5 billion.
Hartadinata Abadi stock has five Buy ratings and an average IDR 3,144 target in MarketScreener data.

Hartadinata Abadi, ID1000139405, Illustration mit AI erstellt.

Hartadinata Abadi signed a one-year EMASKU sales agreement with Bank Mandiri, while Hartadinata Abadi stock faces potential dilution of 9.09 percent. The agreement was signed on October 2, 2026, and Kontan reported the transaction on October 6, 2026.

Three dated developments

On September 11, 2026, Verdhana Sekuritas began coverage with a Buy rating and an IDR 2,900 price target, according to MarketScreener. On September 21, 2026, the company was added to the S&P Global BMI Index in the same MarketScreener report.

On October 2, 2026, Hartadinata Abadi and Bank Mandiri signed the EMASKU agreement. The deal covers 99.99 percent gold bars in minted denominations from 1 gram to 100 grams and cast bars from 250 grams to 1,000 grams, Liputan6 reported on October 7, 2026.

What does the deal change?

The agreement gives EMASKU an additional banking distribution channel and runs for one year from the signing date. Hartadinata Abadi described the transaction as a routine business activity intended to generate operating revenue, while Bank Mandiri acts as the buyer.

The operating backdrop is sizeable. In the second quarter of 2026, revenue reached IDR 13.6 trillion, up 65.2 percent year over year, while net income rose 33.9 percent to IDR 266.5 billion, according to Kontan. Wholesale revenue reached IDR 11.9 trillion, an 82.5 percent year-over-year increase, while retail revenue fell 2.1 percent to IDR 1.6 trillion.

Dates that shape the setup

Hartadinata Abadi is scheduled to hold an extraordinary shareholder meeting on October 16, 2026, to seek approval for a private placement of up to 460,526,240 shares, equal to 10 percent of issued capital, according to Liputan6. The proposed issue implies 9.09 percent dilution for existing holders.

The next earnings date is October 29, 2026, according to Investing.com. MarketScreener lists five analysts with Buy ratings and an average IDR 3,144 target, giving the upcoming shareholder vote and the EMASKU rollout two separate reference points for investors.

Dilution sets the next test

Hartadinata Abadi combines a one-year distribution agreement with a proposed 10 percent share issue. The key figures are the IDR 13.6 trillion second-quarter revenue base, the 9.09 percent potential dilution and the October 29, 2026 reporting date.