Rumors Of Backdoor Listing Mitsubishi-Kajima Raising DADA Shares

Illustration: Photo: Doc. ANTARA

JAKARTA - Shares of PT Diamond Citra Propertindo Tbk (DADA) are stealing the attention of capital market investors after rumors circulated that two large Japanese companies, Mitsubishi Estate Co., Ltd. and Kajima Corporation, were exploring backdoor listing steps through DADA.

According to capital market observer Total Gabriel, who distinguished this speculation from previous corporate actions such as the case of PT Pantai Indah Kapuk Dua Tbk (PANI) is a global scale from the parties involved and this time, an open company with a market capitalization of hundreds of trillions of rupiah is behind the maneuver.

Interestingly, The Vanguard Group, the world's second-largest asset manager with managed funds of up to 10.2 trillion US dollars, is listed as a shareholder in the two Japanese companies.

"If it is true that Vanguard is present through its proxies in Asia, then we are not talking about regular backdoor listings, but the potential for mega acquisitions to change the map of Indonesia's capital market," said God in his statement, Thursday, September 18.

DADA itself has shown a number of strategic initiatives, including distributing the initial dividends since the IPO, seeking to get out of the Special Monitoring Board (PPK) through the Full Call Auction (FCA) mechanism, as well as encouraging an increase in free float through the release of shares by the controller.

For information, the DADA listing on the Indonesia Stock Exchange (IDX) on February 14, 2020, released 2,147,000,000 shares or 29.92 percent of the issued and fully paid capital with funds of Rp218.994 billion.

Meanwhile, in the Japanese market, Mitsubishi Estate's share price is in the range of 3,160 Japanese yen 3,170 Japanese yen per sheet or equivalent to IDR 348,000 IDR 352,000 per share, while Kajima Corporation is trading at 4,290 Japanese yen 4,332 Japanese yen per sheet or around IDR 472,000 IDR 481,000.

When compared to the current DADA shares, it is still in the range of IDR 25' IDR 11,000.

Orang said, with this speculation, DADA has the potential to become one of the largest stories in the Indonesian capital market this decade. From previously considered small shares, now DADA can become an attractive multi-bagger candidate for global investors.

At the close of trading on Wednesday, September 17, 2025, DADA's share price rose 8.6 percent to the level of IDR 86 per share.

Meanwhile, PT Karya Permata Innovation Indonesia, as the controlling shareholder, seems to have started to partially release its ownership, from 66.17 percent to 65.96 percent since the end of July 2025, in the context of direct divestment.

Secara fundamental, kinerja DADA menunjukkan perbaikan, dimana pendapatan semester I-2025 naik menjadi Rp5,39 miliar dari Rp3,81 miliar tahun sebelumnya.

Sementara laba bersih meningkat hampir tiga kali lipat, dari Rp71,65 juta menjadi Rp219,67 juta.

Selain itu, DADA telah mengembangkan lebih dari 20 proyek residensial, termasuk kompleks ruko dan gedung bertingkat.

Beberapa proyek andalannya meliputi Apple Condovillas, Neo Cyprus, Neo Arcadia, Apartemen Dave, Gucii 1, Primehome Pejaten, dan Vanadium Townhouse di wilayah Jakarta dan Depok.

Fundamentally, DADA's performance shows improvement, where revenue in the first semester of 2025 rose to IDR 5.39 billion from IDR 3.81 billion the previous year.

Meanwhile, net profit almost tripled, from IDR 71.65 million to IDR 219.67 million.

In addition, DADA has developed more than 20 residential projects, including shophouse complexes and high-rise buildings.

Some of its flagship projects include Apple Condovillas, Neo Cyprus, Neo Arcade, Dave Apartments, Gucii 1, Primehome Pejaten, and Vanadium Townhouse in the Jakarta and Depok areas.