Canonical URL: https://giftcard.news/industry-deals/ultra-voucher-private-placement-200-million-share-proposal/ --- description: The Indonesian voucher distributor plans to seek independent shareholder approval for funding from its controlling shareholder, with final pricing still to be determined. title: Ultra Voucher operator proposes placement of up to 200 million shares image: https://giftcard.news/images/social/v1/ultra-voucher-operator-proposes-placement-up-200-million-shares-b058fd4828bcd146eb368297b4f72180.jpg --- 1. [Home](https://giftcard.news/) 2. [Industry Deals](https://giftcard.news/industry-deals/) # Ultra Voucher operator proposes placement of up to 200 million shares The Indonesian voucher distributor plans to seek independent shareholder approval for funding from its controlling shareholder, with final pricing still to be determined. By [Daniel Brooks](https://giftcard.news/author/daniel-brooks/) September 18, 2026 3 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Ultra+Voucher+operator+proposes+placement+of+up+to+200+million+shares&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Ultra+Voucher+operator+proposes+placement+of+up+to+200+million+shares+https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Customer hands holding a blue card at a retail payment terminal](https://giftcard.news/images/variants/v1/ultra-voucher-operator-proposes-placement-up-200-million-shares-customer-hands-holding-w1280.webp) Illustrative card transaction. The image does not depict the operator or program in this report. Photo: SpotOn / Unsplash. Photo: SpotOn / Unsplash [PT Trimegah Karya Pratama Tbk](https://giftcard.news/company/pt-trimegah-karya-pratama-tbk/), the Indonesian operator of [Ultra Voucher](https://giftcard.news/company/ultra-voucher/), has proposed issuing up to 200 million new shares to help fund its digital-voucher and technology business. The September 18 issuer disclosure names controlling shareholder [PT Trimegah Sumber Mas](https://giftcard.news/company/pt-trimegah-sumber-mas/) as the proposed investor. Independent shareholders are scheduled to consider the transaction at an extraordinary meeting on October 27\. The placement remains a proposal, rather than completed fundraising. The company describes the planned issue as a capital increase without pre-emptive subscription rights. It requires independent shareholder approval and approval for listing the additional shares before implementation, according to the filing. ## Funding the voucher distribution business The company says net proceeds would support working capital, digital-voucher trading operations, product and service development, additional operating capacity, and marketing and merchant relationships. Actual allocations would be determined according to business priorities and market conditions when the funds are received. The proposal also reports net operating cash used of IDR23.658 billion in the first half of 2025 and IDR57.087 billion in the first half of 2026\. These whole-company cash flows provide context for the funding proposal; they do not measure voucher face value or establish why the placement was chosen. The data behind the story ### Operating cash used before the proposed placement Positive bars show the size of reported operating cash outflows. IDR billion used IDR billion used Tap or hover for details. All values are also available in the data table. Source September 18 issuer proposal, page 7 Whole-company cash use, not gift-card sales, redemption or a projected outcome. The comparison alone does not establish a liquidity crisis or the cause of the proposed financing. Show data tableHide data table Scroll left or right to see all columns __Operating cash used before the proposed placement (IDR billion used)__ | Category | IDR billion used | | --------------- | ----------------------- | | First half 2025 | 23.658 IDR billion used | | First half 2026 | 57.087 IDR billion used | PT Trimegah Sumber Mas held 31.18% of the company as of August 31 and was the only prospective investor identified in the disclosure. The filing says its participation would provide funding support from an existing controlling shareholder. This links the proposed transaction directly to the resources behind the voucher distributor's operations. The company does not disclose a fixed allocation to a particular new gift-card product or acceptance partnership. ## Price assumptions are not final proceeds The filing uses IDR135 per share and IDR27 billion of proceeds in its pro forma illustration. It expressly states that the assumed price is not the final placement price. Actual pricing and the number of shares ultimately issued remain subject to the implementation process. If all 200 million shares were issued, outstanding shares would rise from approximately 2.000 billion to 2.200 billion. The company calculates maximum dilution of about 9.09% for existing holders who do not participate, based on the enlarged share total. The data behind the story ### Existing shares and the issuer’s maximum-issue illustration The second bar depends on the full proposed placement being completed. shares shares Tap or hover for details. All values are also available in the data table. Source September 18 issuer proposal, page 13 The second value is conditional, not an actual result. It assumes all 200 million shares are issued and no intervening share-count changes. Approvals, final issue price and actual proceeds remain unresolved. Show data tableHide data table Scroll left or right to see all columns __Existing shares and the issuer’s maximum-issue illustration (shares)__ | Category | shares | | ---------------------------- | -------------------- | | Actual, August 31, 2026 | 2,000,144,838 shares | | Issuer pro forma, full issue | 2,200,144,838 shares | Under the same full-issue scenario, the proposed investor's holding would increase to 37.43%. Those figures describe a conditional ownership structure, not a transaction already recorded. The company targets implementation around three to six months after shareholder approval, with an outside limit of two years. The disclosed capital plan therefore establishes a route to additional working capital, while approval, final pricing, timing and actual proceeds remain to be determined. ## In this article ### Companies * [PT Trimegah Karya Pratama Tbk](https://giftcard.news/company/pt-trimegah-karya-pratama-tbk/) * [PT Trimegah Sumber Mas](https://giftcard.news/company/pt-trimegah-sumber-mas/) * [Ultra Voucher](https://giftcard.news/company/ultra-voucher/) ### Sources and documents * [September 18 original issuer private-placement proposal](https://uvproduction.oss-ap-southeast-5.aliyuncs.com/nero/assets/document/investor-relation-files/KETERBUKAAN-INFORMASI-2026-KI%20PMTHMETD%2018%20Oktober%202026.pdf?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PT Trimegah Karya Pratama Tbk Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Ultra+Voucher+operator+proposes+placement+of+up+to+200+million+shares&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Ultra+Voucher+operator+proposes+placement+of+up+to+200+million+shares+https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fultra-voucher-private-placement-200-million-share-proposal%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Portrait of Daniel Brooks](https://giftcard.news/images/variants/v1/daniel-brooks-editorial-portrait-w320.webp) About the author ## [Daniel Brooks](https://giftcard.news/author/daniel-brooks/) Journalist — Payments, Security & PCI DSS Daniel Brooks covers payment networks, financial technology, payment security, gift card fraud and PCI DSS for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. [Find a provider ](https://giftcard.news/find-a-provider/) ## Related articles [Industry Deals](https://giftcard.news/industry-deals/) News ### [Cross River agrees to acquire Accrue gift-balance wallet platform](https://giftcard.news/industry-deals/cross-river-accrue-acquisition-gift-balance-wallet-platform/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 20, 2026 3 min [Industry Deals](https://giftcard.news/industry-deals/) News ### [Giftify partners with ByQwest on shopping-centre card infrastructure](https://giftcard.news/industry-deals/giftify-byqwest-shopping-centre-gift-card-infrastructure/) [Daniel Brooks](https://giftcard.news/author/daniel-brooks/) October 16, 2026 3 min [Industry Deals](https://giftcard.news/industry-deals/) News ### [AnyCard, Lifestyle and Savvy agree to form Norell with Codex backing](https://giftcard.news/industry-deals/norell-anycard-lifestyle-savvy-codex-gift-card-group/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 15, 2026 3 min ```json {"@context":"https://schema.org","@graph":[{"@type":"NewsMediaOrganization","@id":"https://giftcard.news/#publisher","name":"Gift Card News","url":"https://giftcard.news/","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","logo":{"@type":"ImageObject","url":"https://giftcard.news/icon-512.png","contentUrl":"https://giftcard.news/icon-512.png","width":512,"height":512,"@id":"https://giftcard.news/#logo"},"publishingPrinciples":"https://giftcard.news/editorial-policy/","correctionsPolicy":"https://giftcard.news/editorial-policy/"},{"@type":"WebSite","@id":"https://giftcard.news/#website","url":"https://giftcard.news/","name":"Gift Card News","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","inLanguage":"en","publisher":{"@id":"https://giftcard.news/#publisher"},"potentialAction":{"@type":"SearchAction","target":"https://giftcard.news/search/?q={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"Person","@id":"https://giftcard.news/author/daniel-brooks/#person","name":"Daniel Brooks","url":"https://giftcard.news/author/daniel-brooks/","description":"Daniel Brooks covers payment networks, financial technology, payment security, gift card fraud and PCI DSS for Gift Card News.","jobTitle":"Journalist — Payments, Security & PCI DSS","image":{"@type":"ImageObject","url":"https://giftcard.news/images/daniel-brooks-editorial-portrait.webp","contentUrl":"https://giftcard.news/images/daniel-brooks-editorial-portrait.webp","width":1254,"height":1254,"caption":"Illustrated portrait representing the Daniel Brooks editorial profile.","@id":"https://giftcard.news/images/daniel-brooks-editorial-portrait.webp#image","encodingFormat":"image/webp","description":"Illustrated portrait for Daniel Brooks, a Gift Card News editorial pen name","creditText":"Gift Card News / AI-generated illustration"}},{"@type":"ImageObject","url":"https://giftcard.news/images/ultra-voucher-operator-proposes-placement-up-200-million-shares-customer-hands-holding.webp","contentUrl":"https://giftcard.news/images/ultra-voucher-operator-proposes-placement-up-200-million-shares-customer-hands-holding.webp","width":1920,"height":1440,"caption":"Illustrative card transaction. 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