Jakarta. A massive transaction involving e-commerce company Bukalapak.com (BUKA) shares occurred on the Indonesia Stock Exchange (IDX) on Wednesday, amid speculation that the company may be acquired by Chinese e-commerce platform Temu.

The negotiated market saw 9.83 billion shares of Bukalapak traded at Rp 120 per share, totaling approximately Rp 1.17 trillion ($77 million). Additionally, another 3.61 billion shares were transacted at Rp 250 each, amounting to around Rp 904.16 billion ($58 million). In total, the share transactions for BUKA reached Rp 2.08 trillion ($135 million).

As of the time of reporting, there was no official statement regarding these substantial share trades. In regular trading on the IDX, BUKA shares were priced at Rp 150, reflecting a 2.04 percent increase by 11:00 a.m. Jakarta time on Wednesday.

In response to the acquisition rumors, Bukalapak management clarified that they are unaware of any plans by Temu to acquire the company. Secretary of Bukalapak, Cut Fika Lutfi, said in a disclosure to the IDX, "The company is not aware of any information regarding the plan for acquisition by the e-commerce platform Temu."

Cut Fika added that Bukalapak would provide transparency in accordance with applicable regulations if verified information regarding the acquisition plan is received.

The Indonesian government is considering a ban on the Chinese online marketplace, Temu, which facilitates direct transactions between Chinese producers and global consumers, citing concerns it could harm local small and medium enterprises (SMEs), said Fiki Satari, an advisor to the Cooperatives and SMEs Minister, last week.