Shares of Harta Djaya Karya (MEJA.JK) jumped 9.9% to IDR 111 on August 10, extending a rally that has seen the stock climb roughly 19% in a single week, after the company confirmed preparations for an extraordinary shareholders' meeting on August 21 to approve a rights issue funding its proposed acquisition of coal miner PT Trimata Coal Perkasa. A Furniture Maker Wants to Become a Coal Mining Giant — Is MEJA's Rp1.6 Trillion Bet Worth the Gamble?
Shares of Harta Djaya Karya surged 9.9% to IDR 111 on August 10, capping a 19% weekly rally, as the tiny Indonesian interior-design firm barrels toward a shareholder vote that could transform it into a coal mining holding company. The August 21 extraordinary meeting will decide whether MEJA can issue new shares to fund a Rp 1.6 trillion (~$100 million) acquisition of a 45% stake in PT Trimata Coal Perkasa — a deal that dwarfs the company's own market value.
A Company Worth IDR 290 Billion Is Chasing a Deal Five Times Its Size. MEJA has roughly 2.6 billion shares outstanding , giving it a market capitalization of about IDR 289 billion at today's price. The controlling shareholder's conditional agreement values the coal stake at Rp 1.6 trillion . Funding a deal this large through a rights issue — where the company sells new shares to existing holders — means massive dilution. Shareholders who cannot or choose not to buy additional shares will see their ownership percentage shrink dramatically.
The Coal Asset Looks Big on Paper, but Is Still Pre-Revenue. Trimata Coal holds a concession of roughly 11,640 hectares in South Sumatra with an estimated 693.7 million tons of mineable coal resources , nearly all above 5,000 kcal/kg — a decent energy grade. Commercial production is targeted to begin in Q3 2026, with initial capacity of about 1.5 million tons per year . That means MEJA is buying into a mine that has permits and geology reports but essentially zero proven cash flow.
The Controlling Shareholder Engineered This From the Start. PT Triple Berkah Bersama acquired a 45.8% controlling stake in MEJA in December 2025 , then signed a conditional agreement to have MEJA acquire 45% of Trimata Coal Perkasa just weeks later. MEJA has already paid an IDR 11.5 billion advance to Trimata . The speed of this pivot — from furniture shop to coal conglomerate — raises questions about whether minority shareholders' interests are driving the strategy.
Valuation Still Unfinished and the Clock Is Ticking. The Rp 1.6 trillion price tag is preliminary, still subject to an independent appraisal that has yet to be completed . MEJA is simultaneously finishing an audit of its June 2026 financials and appointing a public appraisal firm — both prerequisites for a deal vote just eleven days away. If either process stalls, the timeline could slip, testing the market's patience and the stock's recent momentum.