Jakarta. Shares of IT company Techno9 Indonesia (NINE) jumped 9.26 percent to reach the upper auto-reject limit (ARA) at Rp 118 during Friday’s trading, driven by news of a potential acquisition by Singapore-based Poh Group Pte Ltd.

NINE has gained 227.78 percent over the past month and 1,211 percent in the last three months.

The surge followed Poh Group’s announcement of ongoing negotiations to acquire a 70 percent stake in Techno9 from majority shareholders Heddy Kandau and Noprian Fadli, as well as other minority shareholders.

“Upon completion of the transaction, the buyer will become the new controlling shareholder of NINE,” Poh Group CEO Poh Kay Ping said in a recent announcement.

The acquisition is part of Poh Group’s strategy to expand its business portfolio, which includes engineering, coal resources, coal chemicals, power plant development, and mining operations across Asia.

Key details of the deal, including the final acquisition value and completion timeline, remain under negotiation. Once finalized, Poh Group intends to launch a mandatory tender offer for the remaining shares, as required by regulations.

Founded in 2010 by Singaporean entrepreneur Poh Kay Ping, Poh Group has grown into a dynamic conglomerate comprising 13 companies operating across emerging and developed markets in Asia. Its primary focus areas are resources and engineering.

Techno9 Indonesia (NINE), a one-stop IT solutions provider, offers services such as IT managed services, data center management, network management, IT infrastructure, cabling solutions, and surveillance systems.