Prajogo Pangestu’s Petrindo Prepares Host of Deals to Consolidate Coal Heavyweight Singaraja Putra

JAKARTA, Investortrust.id — Mining tycoon Prajogo Pangestu’s resource flagship, PT Petrindo Jaya Kreasi Tbk (CUAN), is positioning to take direct operational command of coal producer PT Singaraja Putra Tbk (SINI), setting off a major boardroom realignment and an incoming mandatory tender offer.

The holding firm already exercises significant sway over Singaraja Putra. Through wholly owned subsidiaries PT Kreasi Jasa Persada and engineering contractor PT Petrosea Tbk (PTRO), Petrindo commands an aggregate 27.78% direct and indirect equity foothold. In a mandatory disclosure filed with the Indonesia Stock Exchange (IDX) on Friday, Petrindo confirmed it has initiated direct buyout discussions with incumbent controlling shareholders to finalize transaction mechanisms, pricing metrics, and completion timelines.

The maneuver represents an aggressive vertical consolidation across Indonesia’s lucrative thermal coal corridor. By folding Singaraja Putra’s substantial resource concessions into Petrindo’s corporate orbit, the conglomerate secures proprietary fuel reserves for its engineering and extraction ecosystem. In an emerging-market mining sector where downstream integration increasingly dictates balance-sheet resilience against global price shocks, the transaction secures high-margin concessions under unified capital control.

"Subject to ongoing negotiations and the satisfaction of all mandatory regulatory approvals and conditions, Petrindo, through its subsidiaries, is slated to emerge as the single largest controlling shareholder of SINI upon completion," Petrindo corporate leadership stated in a regulatory bourse filing on Friday.

Securing the Boardroom and Triggering a Takeover Bid

The buyout will grant Petrindo definitive command over the strategic governance, operational management, and capital expenditure decisions of Singaraja Putra. Regulators require that any shift in operational control mandates an immediate mandatory tender offer to minority shareholders, an exercise Petrindo confirmed it will execute directly or delegate through a designated subsidiary.

The corporate maneuvering comes amid a furious stock market run. Equity in Singaraja Putra surged 108.36% over the preceding month to reach Rp 14,950 ($0.94) per share. As of July 2026 shareholder registry filings, the target’s equity ledger was split among PT Autum Prima with 16.99%, Batubaara Development holding 6.2%, and Ever Grace International controlling 7.48%, set against Petrosea’s 19.88% stake and Kreasi Jasa Persada’s 7.9% portion.

Anchored by a Multi-Billion-Dollar Mining Accord

The buyout follows an enormous operational pact formalizing ties between the two corporate balance sheets. On July 23, 2026, Singaraja Putra, through operating subsidiaries PT Pesona Bara Cakrawala (PBC) and PT Cakrawala Bara Persada (CBP), awarded Petrosea an expansive life-of-mine engineering and extraction contract valued at Rp 57.05 trillion ($3.58 billion).

The long-term service concession covers extensive overburden removal and mineral excavation across concessions in Kapuas Tengah, situated within Central Kalimantan province.

Production schedules outline substantial commercial volume across two distinct caloric grades. Pesona Bara Cakrawala targets an extraction volume of 46.3 million short tons (42 million metric tons) of medium-grade thermal coal—caloric value GAR 4200—demanding 247 million cubic yards (189 million bank cubic meters) of overburden stripping, carrying an estimated lifetime contract valuation of $2.604 billion (Rp 45.57 trillion). In parallel, the Cakrawala Bara Persada concession is modeled to output 8.8 million short tons (8 million metric tons) of premium-grade GAR 5000 coal, requiring 52.3 million cubic yards (40 million bank cubic meters) of earthworks valued at approximately $656 million (Rp 11.48 trillion).