Jakarta. Sumber Mas Konstruksi (SMKM) plans to transform itself from a traditional construction firm into an integrated aquaculture infrastructure and downstream ecosystem group, marked by a proposed $100 million (Rp 1.77 trillion) acquisition of Singapore-based PanAsia Aquaculture Pte. Ltd..

The company said the strategic shift aims to expand its presence in Indonesia and across ASEAN by combining its infrastructure expertise with technology-driven aquaculture operations and downstream processing capabilities.

As part of the transition, SMKM has signed a Conditional Sale and Purchase Agreement (CSPA) to acquire PanAsia Group from Lim Shrimp Org Pte. Ltd. for an estimated transaction value of $100 million, with completion targeted for the third quarter of 2026.

SMKM is also planning to acquire LSO Organization Holdings Pte. Ltd. for SGD13 million by June 2027 to strengthen its aquaculture ecosystem and value chain integration.

The move signals a major strategic evolution for SMKM, which intends to reposition itself as a regional aquaculture infrastructure and operations platform rather than solely a construction contractor.

PanAsia Group currently operates a smart aquaculture facility in Sumbawa, Indonesia, covering around 37 hectares with 40 operational ponds. The facility has operated since 2018 and has recorded shrimp survival rates above 80%, supported by technology-enabled farming systems and standardized operational management.

The group also manages aquaculture assets in Sabah, East Malaysia, spanning approximately 49 hectares that have been operating since 1998, providing SMKM with an expanded regional production footprint.

PanAsia Group's director Chong Chee Hoong said the transformation would combine SMKM’s construction expertise with large-scale aquaculture infrastructure development and downstream business expansion.

“This evolution positions SMKM as a multi-layered platform that connects infrastructure development capabilities with regional aquaculture ecosystem needs,” Chong said.

He added that the company plans to focus not only on aquaculture production but also on processing facilities, trading operations, supply chain integration, and technology transfer to improve margins and long-term scalability.

According to Chong, SMKM’s existing management team, including Budi Aris and Ruben Partogi, is working alongside PanAsia Group to align the company’s long-term strategy during the transformation process.

Over the next five years, following the completion of the reverse takeover process, SMKM aims to establish a scalable regional aquaculture infrastructure ecosystem with broader ASEAN operations and integrated downstream participation, the company said.

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