SBAT was Indonesia's second textile giant to fall — 20,000-ton capacity lost

PT Sejahtera Bintang Abadi Textile Tbk (SBAT) was an Indonesian textile manufacturer based in Bandung, West Java, founded in 2003. It went public on the Indonesia Stock Exchange in 2020 with an annual production capacity of 20,000 tons, supplying approximately 1% of Indonesia's national textile needs. The company operated factories in Cicalengka, Majalaya, and Cikancung.

SBAT's financial troubles became critical in late 2024 when creditors filed multiple PKPU (suspension of debt payment) lawsuits. The company had already halted operations in July 2024. On August 29, 2025, the Central Jakarta Commercial Court ended the PKPU and declared SBAT bankrupt. The company's share price had fallen to Rp 1 — virtually worthless — leaving approximately 13,000 retail investors trapped. SBAT is scheduled for delisting from the IDX on November 10, 2026.

SBAT's collapse followed the bankruptcy of Sritex, Southeast Asia's largest vertically integrated textile manufacturer, which shut down its factory on March 1, 2025, laying off over 10,000 workers. The two bankruptcies highlighted a deepening crisis in Indonesia's textile industry, driven by a flood of imported textiles, a weakened rupiah, and rising raw material costs. President Prabowo proposed a US$6 billion rescue plan for the sector, but SBAT was beyond saving.