Why Did FORU Stock Rise? A Look Back at Fortune Indonesia Becoming a Potential Mining Giant

"Me and you like Dancow" is the tagline of an advertisement born from the creative kitchen of Fortune Indonesia decades ago, when the company was still the go-to advertising agency for many major brands in the country. 

Today, the same name is being widely discussed not because of its new advertising campaign, but because of why the FORU stock has risen sharply after announcing plans to completely pivot into a coal mining company.

The recent movement of FORU stock reflects one of the most drastic business transformations on the stock exchange floor this year. 

From a mere legendary advertising production house, Fortune Indonesia is now preparing to take on a new status as the parent company of a coking coal mining business worth tens of trillions of rupiah.

Key Takeaways

• Fortune Indonesia (FORU) plans a Rp27.1 trillion rights issue to acquire PT Borneo Prima, a coking coal producer in Central Kalimantan.
• Approximately 76.81% of the rights issue funds will be paid through the inbreng of Borneo Prima shares owned by the controller IMR Asia Holding, not in cash.
• FORU's revenue is projected to surge 35 times to Rp195.66 billion after consolidation, turning from a loss position to a net profit of Rp11.94 billion.

From Advertising Agency to Potential Coal Mining Giant

Fortune Indonesia is not a newcomer to the stock exchange. The company was established in 1970 under the name PT Fortune Indonesia Advertising Company, listed its shares through an IPO in January 2002, and then joined the PT Rajawali Corpora group through PT Karya Citra Prima in 2014. 

For decades, FORU has been known as a player in marketing communication services, ranging from integrated advertising to public relations.

This business direction has completely changed through the corporate plan announced ahead of the Extraordinary General Meeting of Shareholders on July 22, 2026. 

Register immediately at Bittime with a fast, secure, and easy process so you can trade and invest in stock tokens.

FORU will conduct a rights issue by issuing a massive number of new shares, approximately 215 billion shares according to the latest information disclosure, although Kontan notes that this figure may still change depending on the final results of the EGMS. 

The collected funds will be used to acquire PT Borneo Prima, a coking coal producer operating in Murung Raya Regency, Central Kalimantan. 

This is the main reason why FORU shares have risen significantly in recent weeks, as the market sees the potential of a much more promising new business compared to the previously loss-making advertising business. 

FORU stock price today. Source: TradingView

Read Also: 7 Reasons Why You Should Start Investing in Tokenized Stocks

Rp27.1 Trillion Rights Issue and 35x Revenue Surge Projection

The transaction scheme is quite unique. Approximately 76.81% of the total rights issue funds, or Rp20.82 trillion, will not be paid in cash by the controller IMR Asia Holding Pte Ltd, but will be contributed in the form of PT Borneo Prima shares already owned by them. 

This mechanism is called inbreng. The remainder, around Rp6.28 trillion, will come from public shareholders who deposit cash through pre-emptive rights.

Borneo Prima itself is no ordinary asset. Bisnis.com reported that the company holds concessions covering approximately 15,000 hectares with coal quality of 7,850 kcal/kg, and total proven and probable reserves reaching 87.7 million tons based on the SMG Consultant report using the JORC 2012 code. 

What makes this asset attractive is that its product is coking coal for the steel industry, not thermal coal for power plants whose demand is slowing globally.

Read Also:List of Stocks with the Most Investors in Indonesia 2026

The impact on FORU's financial reports is projected to be significant. After consolidation, the company's total assets are estimated to jump to Rp8.71 trillion, while operating revenue will increase about 35 times to Rp195.66 billion. 

Fortune Indonesia is even projected to turn profitable with a net profit of Rp11.94 billion, after previously routinely recording losses. 

Bisnis.com quoted the World Steel Association's projection that global steel demand will rise from 1.724 billion tons in 2026 to 1.762 billion tons in 2027, while domestic coking coal production only meets about 20 percent of national needs according to the Association of Indonesian Coke Industries, with the rest still relying on imports.

Read Also: What Is HSC Stock? Definition, Risks, and Latest HSC Stock List

Conclusion

Fortune stock today is no longer about advertising campaigns or television program ratings, but a big bet on the coking coal business whose demand is supported by the expansion of the steel industry in India and Southeast Asia. 

This transformation is one of the most ambitious corporate maneuvers on the Indonesia Stock Exchange this year, turning a small media issuer into a potential mining player with assets worth trillions of rupiah.

Although the revenue and profit projections look tempting, it is important to remember that the entire plan still awaits official approval from shareholders at the EGMS. 

The final rights issue figures and the number of new shares may change from what is currently reported, so investors need to monitor official information disclosures once the EGMS is completed.

Monitor US stock tokens: AMZON, AMDON, TSLAX, NFLXON MSFTON and many more, you can start trading at Bittime.

Bittime is a licensed and supervised Digital Financial Asset Trader (PAKD) platform by the Financial Services Authority — the place where you can buy Bitcoin in Indonesia and hundreds of other crypto assets starting from Rp10,000. The registration process is fast, secure, and can be started today.

Monitor the USDT to IDR conversion and the price movements of your favorite crypto assets in real-time. All available in one crypto investment app that can be downloaded for free on the Play Store.

Ready to start? Register now at Bittime and execute your investment strategy with a platform trusted by millions of users in Indonesia.

FAQ

Why has FORU stock been rising recently? 

FORU stock rose because Fortune Indonesia announced plans for a Rp27.1 trillion rights issue to acquire PT Borneo Prima, a coking coal producer. The market responded positively to the potential business transformation from media to mining, which is projected to be far more profitable.

What is FORU's rights issue? 

FORU's rights issue is a capital increase through pre-emptive rights worth approximately Rp27.1 trillion. The majority of the funds will be paid through the inbreng of PT Borneo Prima shares owned by the controller, not in cash.

Who controls FORU shares? 

The controller of FORU shares is IMR Asia Holding Pte Ltd, a Singapore-based company that controls around 76 to 77 percent of the company's shares. IMR Asia Holding is also the owner of PT Borneo Prima, which will be acquired through the inbreng mechanism.

What is the business of PT Borneo Prima being acquired by FORU? 

PT Borneo Prima is a coking coal producer operating in Murung Raya Regency, Central Kalimantan, with reserves of approximately 87.7 million tons. Coking coal is used as raw material for the steel industry, unlike thermal coal whose demand is slowing.

What is the projected revenue for FORU after acquiring Borneo Prima? 

FORU's revenue is projected to surge approximately 35 times to Rp195.66 billion after consolidation with Borneo Prima. The company is also projected to turn profitable with a net profit of Rp11.94 billion, from previous losses.