Petrosea Injects $74.8 Million into Coal Player Singaraja as Stake Surges to 19.88%

JAKARTA, Investortrust.id — Mining contractor PT Petrosea Tbk (PTRO) has completed a Rp 1.19 trillion ($74.8 million) rights issue investment in coal producer PT Singaraja Putra Tbk (SINI), raising its equity stake in the miner to 19.88%.

The capital injection, executed on July 23, 2026, coincided with Petrosea divesting a 99.99% stake in PT Kemilau Mulia Sakti (KMS) to Singaraja using proceeds raised from the rights issue.

The twin transactions deepen the operational integration between the two listed Indonesian companies, consolidating coal assets under Singaraja while locking in service contracts for Petrosea.

The strategic restructuring creates a vertically integrated coal giant across Kalimantan, Southeast Asia’s primary coal-producing hub.

By transferring coal producer PT Cristian Eka Pratama (CEP)—a unit operating under KMS in West Kutai, East Kalimantan—directly to Singaraja, Petrosea streamlays its asset base while retaining lucrative, long-term mining service contracts.

The move reinforces coal’s persistent role in powering regional energy grids, assuring investors that thermal coal remains a core driver of cash flow for Indonesian resource conglomerates.

Restructuring Coal Portfolios Across Kalimantan

The acquisition of CEP expands Singaraja’s growing mining portfolio, which already features Central Kalimantan producers PT Persada Kapuas Prima, PT Pasir Bara Prima, PT Pesona Bara Cakrawala, and PT Cakrawala Bara Persada.

Notably, CEP and its sister operating units serve as key clients for Petrosea’s core contract mining operations.

Petrosea leadership emphasized that the transaction aligns with broader macro demand for affordable power generation.

"Looking ahead, we believe that the coal mining industry will remain the backbone of affordable energy sources while supporting national energy security," Petrosea President Director Michael stated in an official company release on Friday, July 24, 2026.

Petrosea, an engineering and mining services firm operating for over five decades across Asia-Pacific and Oceania, provides integrated engineering, procurement, and construction (EPC) alongside offshore oil and gas services.