No WhatsApp groups, no Telegram, no stock tips. Anyone raising money in our name is not us.

Seekingomega Capital

Jakarta, since May 2020

We buy small Indonesian companies when their ownership, capital or structure is about to change.

Rp100 invested on 30 April 2020

By 30 September 2026: Seekingomega 408, S&P 500 306, gold 289, IHSG 129.

Capital
USD xx,xxx,xxx. Small enough to buy what big funds can’t.
Open to the public
No.

Small companies, thick prospectuses

Required reading: the IDX disclosure feed.

Rights issues HMETD
Who the standby buyer is, and who gets diluted.
Tender offers
The offer price. Then what is left for everyone else.
Mergers and acquisitions
Who ends up in control. Whether a mandatory tender offer follows.
Backdoor listings
What goes into the shell, and at what price.
Restructurings
Who owns the company once the debt becomes shares.
Spin-offs
A business handed to shareholders who never asked for it.

Against IHSG, S&P 500 and gold

2022 was a good year. It has not happened again.

% change, to 30 September 2026
Period Seeking­omega IHSG S&P 500 Gold
2020, May to Dec +33.4+26.8+17.1+2.2
2021 +53.2+10.1+31.0−0.4
2022 +123.4+4.1−11.9+9.2
2023 −5.2+6.2+22.7+12.0
Jan 2024 to Apr 20251 −12.6−7.0+26.5+73.6
May to Dec 2025 +11.2+27.8+22.9+30.8
2026, Jan to 30 Sep −3.0−29.8+18.6+2.4
Since May 2020 +308.3+28.7+205.9+189.4
Annualised +24.5+4.0+19.0+18.0
Worst fall Ours: Oct 2023 to Jun 2025 −46.5−34.7−20.1−17.6

68 months: 31 up, 24 down, 13 flat.

1 No NAV recorded Aug 2024 to Apr 2025.

Partners’ own capital, unitised, unaudited. S&P 500 and gold in rupiah at month-end USD/IDR. Prices only, no dividends.

Rp1 million in four places

From 30 April 2020
To 30 September 2026

Rp1,000,000 on 30 April 2020, to 30 September 2026.

  1. SeekingomegaRp4.08 million+308.3%
  2. S&P 500Rp3.06 million+205.9%
  3. GoldRp2.89 million+189.4%
  4. IHSGRp1.29 million+28.7%

Hypothetical. Month-end prices, no costs, taxes or dividends. Not a forecast.

What we own

  1. IDX ADES

    PT Akasha Wira International Tbk

    Packaged drinking water and personal care products.

  2. IDX HELI

    PT Jaya Trishindo Tbk

    Helicopter charter and aviation services.

  3. IDX INPS

    PT Indah Prakasa Sentosa Tbk

    Fuel and gas transport logistics.

As of 30 September 2026. Not recommendations. We may sell before this page notices.

Three associates

Write to us

Qualified individuals, companies and fellow investors only.

Email the three associates