Prajogo Pangestu Sells Millions of Chandra Asri (TPIA) Shares Worth $10.5 Million

JAKARTA, investortrust.id – Indonesian business tycoon Prajogo Pangestu has sold 23.2 million shares, equivalent to 0.03% ownership, in PT Chandra Asri Pacific Tbk (TPIA) for a total of Rp 167.20 billion ($10.5 million). The move aims to boost the company’s public float.

In an official statement released in Jakarta on Friday, March 8, 2025, Chandra Asri management confirmed that Prajogo, the controlling shareholder, carried out the divestment gradually from March 3 to March 7, 2025.

Breakdown of Share Sales

Prajogo’s share sales were executed at varying prices over several days:

March 3: 5 million shares at Rp 7,411 per share
March 4: 3 million shares at Rp 7,208 per share
March 5: 4.54 million shares at Rp 7,036 per share
March 6: 6.77 million shares at prices ranging from Rp 7,100 to Rp 7,250
March 7: 1.05 million shares, completing the transaction

According to Chandra Asri's announcement, the move resulted in Prajogo’s ownership decreasing slightly from 5.06% to 5.03%.

Simultaneous Acquisition of Barito Pacific (BRPT) Shares

While selling TPIA shares, Prajogo also increased his stake in PT Barito Pacific Tbk (BRPT), the parent company of Chandra Asri. He purchased 11 million BRPT shares on February 28, 2025, at an average price of Rp 790.09 per share, for a total investment of Rp 8.69 billion ($550,000).

This purchase occurred as BRPT stock reached its lowest level in over 18 months, reflecting Prajogo’s strategic accumulation of shares during a market downturn. With this acquisition, his stake in BRPT increased by 0.01% to approximately 71.36%.

Prajogo’s recent transactions suggest a shift in his investment strategy—reducing exposure in Chandra Asri while reinforcing his position in Barito Pacific. This move might indicate confidence in BRPT’s long-term prospects amid recent stock price declines. Market watchers will be closely observing the impact of these trades on both stocks in the coming weeks.