Chandra Daya Boosts Affiliate Funding to $152 Million With Equity Conversion Option

JAKARTA, Investortrust.id — PT Chandra Daya Investasi Tbk (CDIA), an Indonesian infrastructure investment company within billionaire Prajogo Pangestu's Chandra Asri Group, has expanded financing for two affiliated companies while securing the option to convert the loans into equity, strengthening its strategic position in key infrastructure assets.

The transaction gives CDIA greater financial flexibility by allowing it to increase exposure to infrastructure projects without making an immediate equity investment. If conversion rights are exercised, the company could significantly expand its ownership in port and power businesses while preserving capital during the investment phase. The move also signals CDIA's continued focus on infrastructure as Indonesia accelerates industrial expansion and downstream manufacturing.

Effective June 30, 2026, CDIA increased its loan facility to Singapore-based Aster Port and Terminal Pte. Ltd. (APT) to as much as $87.45 million, up from $80 million.

The amended agreement also grants CDIA the right to convert part or all of the outstanding loan into equity through written notice to APT.

The conversion option can be exercised at any time through Dec. 31, 2026. Following conversion, CDIA's ownership in APT will be capped at 16.5% of the company's issued and paid-up capital. Any conversion remains subject to regulatory approvals and other required consents.

CDIA also expanded its financing commitment to Aster Power Pte. Ltd. (APPL), increasing the facility from $60 million to $64.8 million.

Under revised terms, CDIA may similarly convert part or all of the outstanding loan into APPL shares before the end of 2026. Its post-conversion ownership would be limited to 20% of APPL's issued capital, subject to regulatory and corporate approvals.

Following both amendments, CDIA's combined financing commitments to APT and APPL have increased to $152.25 million, from $140 million previously. Beyond the larger credit facilities, the revised agreements establish debt-to-equity conversion mechanisms designed to give CDIA greater strategic flexibility as the affiliated businesses expand.

In a separate development, PT Petrosea Tbk (PTRO), one of Indonesia's largest integrated mining contractors and engineering companies controlled by Prajogo Pangestu, signed a lease agreement with PT Chandra Investa Prima, a CDIA subsidiary, to deploy electric vehicle charging infrastructure at a mining operation.

The electrical substation will support EV charging at PT Multi Tambangjaya Utama's coal mining site in Central Kalimantan, part of Petrosea's broader strategy to reduce emissions and improve operational efficiency.

President Director Michael said the infrastructure is expected to improve operational reliability while lowering carbon intensity through cleaner technologies.

The initiative also aligns with Indonesia's efforts to build a domestic electric vehicle ecosystem and strengthen its battery supply chain, one of the country's priority industrial development programs.

Petrosea said the project reflects its commitment to sustainable mining, energy efficiency, greenhouse gas reduction, and strong corporate governance as it expands integrated engineering, procurement, construction, mining, offshore services, and logistics operations across the Asia-Pacific region.