Hashim Exits, Shares Crater — Is Solusi Sinergi Digital Losing Its Political Premium or Just Reshuffling the Deck?
Shares of PT Solusi Sinergi Digital Tbk (WIFI.JK) plunged 9.0% to IDR 1,470 on October 2, extending a five-session slide of roughly 15% from IDR 1,725. The drop coincides with the most significant leadership shakeup since the company attracted heavyweight political-business investors in late 2024.
The Man Who Made the Stock Now Wants Out of the Boardroom. Hashim S. Djojohadikusumo submitted his resignation as President Commissioner via a letter dated September 29, 2026.
Hashim is the brother of President Prabowo Subianto and founder of the Arsari conglomerate. His entity, PT Arsari Sentra Data, holds roughly 22.55% of WIFI indirectly through a 45% stake in controlling shareholder PT Investasi Sukses Bersama.
The stock had surged 267% after his involvement was first announced in early 2025. His departure from governance — even if he retains shares — strips the company of a figure the market viewed as a de facto stamp of political credibility and deal-making access.
A Second Departure Deepens the Uncertainty. Director Henny Santoso also resigned, submitting her letter on October 1, 2026.
An extraordinary shareholder meeting on October 21 will decide on both resignations and restructure the board. Two vacancies at once — one oversight, one operational — force investors to ask who is steering strategy during a critical buildout phase.
The Business Is Growing, But Growth Demands Steady Hands. WIFI booked revenue of IDR 1.57 trillion in the first half of 2026 , and net profit rose 45.3% year-over-year to IDR 331.16 billion in that period.
The company's fiber-to-the-home subsidiary is targeting 4 million connections across Java , financed by IDR 600 billion in bonds and a IDR 978 billion credit facility from BNI. Heavy capital spending requires investor confidence and uninterrupted access to funding — exactly the kind of support a well-connected chairman underpins.
What Investors Should Watch on October 21. The shareholder meeting will reveal whether Hashim's exit is a clean governance transition or signals deeper strategic disagreement. Hashim previously pledged publicly that he would not divest his shareholding in WIFI. If that commitment holds and credible replacements are named, the selloff may prove overdone at a trailing price-to-earnings ratio of roughly 15×. If no high-profile successors emerge, the stock's "political premium" — the extra value investors assigned because of Hashim's connections — could continue to evaporate.