Flooring Guide by Cinvex – JAKARTA — Prominent investor Happy Hapsoro recently divested a significant portion of his holdings in PT Bukit Uluwatu Villa Tbk. (BUVA), selling 483 million shares. Despite this substantial move, Hapsoro retains a considerable stake, still holding 1.14 billion shares in the property and hospitality company.
According to disclosures filed with the Indonesian Stock Exchange (IDX), Hapsoro executed two separate share sales of BUVA stock within the period of September 10–11, 2025. On September 10, he sold 150 million shares, followed by an additional sale of 333.33 million shares on September 11.
These transactions led to a notable shift in Hapsoro’s ownership. Initially, he held 1,629,004,459 shares, representing 7.91% of BUVA‘s total stock. Following the divestment, his ownership now stands at approximately 1,145,671,125 units, or 5.56% of the company.
The first batch of shares on September 10 was sold at Rp200 per share, a price significantly below BUVA‘s trading range at the time, which hovered between Rp344 and Rp354 per share. This initial sale generated Rp30 billion for Hapsoro. The following day, he sold shares at Rp300 per share, securing an additional Rp100 billion. In total, Hapsoro’s divestment during September 10–11, 2025, brought in an aggregate of Rp130 billion.
As per Bisnis‘ records, Happy Hapsoro first became a major shareholder in BUVA through a private placement (Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu – PMTHMETD) conducted by PT Nusantara Utama Investama. BUVA management confirmed via IDX disclosures that the private placement was executed on July 11, 2023, with the new shares officially listed on the IDX on the same day. This action involved the issuance of 12.5 billion new shares at an exercise price of Rp60 per share.
PT Nusantara Utama Investama played a pivotal role, becoming BUVA‘s new creditor after assuming debt obligations from PT Bank Central Asia Tbk. (BBCA). Notably, BBCA, a bank affiliated with the Djarum Group, had been the primary creditor for BUVA and its subsidiary, PT Bukit Lagoi, since December 2011.
The ownership structure of Nusantara Utama Investama further illuminates Hapsoro’s influence: 99.9% is held by Basis Utama Prima, with the remaining 0.01% owned by Bonny Harry. Basis Utama Prima itself is controlled by Happy Hapsoro, who holds a majority stake in the company. Consequently, Happy Hapsoro is recognized as the beneficial owner of Nusantara Utama Investama.
Therefore, despite the recent divestment of a substantial number of shares, Happy Hapsoro effectively maintains his strategic control over BUVA through his ultimate ownership and influence in PT Nusantara Utama Investama.
Summary
Happy Hapsoro divested 483 million shares in PT Bukit Uluwatu Villa Tbk (BUVA) on September 10-11, 2025, yielding an aggregate of Rp130 billion. This significant transaction reduced his stake from an initial 7.91% to 5.56% of the company, although he still retains 1.14 billion shares. The sales were executed in two batches, with shares sold at Rp200 and Rp300 each, respectively.
Hapsoro initially became a major BUVA shareholder through a 2023 private placement via PT Nusantara Utama Investama, which later became BUVA’s new creditor. As Happy Hapsoro beneficially owns PT Nusantara Utama Investama, he effectively maintains strategic control over BUVA despite the recent share divestment. This structure ensures his continued influence within the property and hospitality company.