Company Owned by Prajogo Pangestu to Take Over Majority of Singaraja Putra Shares

JAKARTA - The company owned by conglomerate Prajogo Pangestu, PT Petrindo Jaya Kreasi Tbk (CUAN), is preparing a strategic move with plans to acquire a majority stake in PT Singaraja Putra Tbk (SINI), an issuer owned by entrepreneur Happy Hapsoro.

Through this corporate action, Petrindo targets a position as the controlling party over Singaraja Putra.

Based on information disclosure on the Indonesia Stock Exchange (IDX), Petrindo through its subsidiary, PT Kreasi Jasa Persada, together with its affiliates currently has an indirect ownership of 19.99 percent of SINI shares.

Currently, Petrindo management is still in talks with controlling shareholder Singaraja Putra regarding the acquisition plan.

"We are negotiating with the controlling shareholder of SINI, to discuss, among other things, an agreement on the mechanism, the estimated number of shares, the price and the anticipated completion time for the Acquisition Plan," wrote Petrindo Management as quoted from Disclosure Information, Monday, December 29.

Petrindo management confirmed that the process is still in the discussion stage and depends on the achievement of an agreement and the signing of a definitive agreement, including the fulfillment of all requirements and the acquisition of the necessary permits.

In addition, if all stages run according to plan and the transaction is successfully completed, CUAN and/or its affiliated entities are expected to control at least 51 percent of the total shares that have been or will be issued by SINI.

"Therefore, CUAN and/or its affiliates will own at least 51 percent of the total number of shares that have been and/or will be issued by SINI, and at the same time control the management of SINI," he added.

For additional information, SINI shares are currently included in a special monitoring board and based on RTI Business data, SINI's share price in the last trading was recorded to have jumped 10 percent to Rp14,300 per share.

In terms of the shareholder structure, the largest portion of SINI shares is owned by the public with a 44.78 percent ownership.

Furthermore, PT Autum Prima Indonesia holds 30 percent of the shares, Batubara Development Pte. Ltd. with 16.22 percent, while Happy Hapsoro has around 9 percent of Singaraja Putra shares.

Meanwhile, PT Petrindo Jaya Kreasi Tbk (CUAN) shares also showed positive performance with an increase of 5.41 percent to the level of Rp2,340 per share.

Meanwhile, throughout 2025, the shares of the issuer owned by Prajogo Pangestu have recorded a significant strengthening of 111.24 percent.