Petrindo Increases Stake in Petrosea with Rp 564.9 Billion Investment

JAKARTA, investortrust.id – Indonesian mining firm PT Petrindo Jaya Kreasi Tbk has aggressively expanded its stake in contractor and infrastructure company PT Petrosea Tbk, injecting over Rp 564.9 billion (around $34.54 million) through a series of share purchases last month. The move, aimed at strengthening its control, reflects the company's confidence in Petrosea’s long-term value.

Petrindo, listed on the Indonesia Stock Exchange under the ticker CUAN, controlled by prominent Indonesian businessman Prajogo Pangestu, executed the acquisition through its subsidiary PT Kreasi Jasa Persada. With this purchase of 289.05 million shares, or an additional 2.86% stake, Petrindo’s ownership in Petrosea has increased from 41.51% to 44.38% as of the end of March 2025.

Meanwhile, PT Caraka Reksa Optima, previously the second-largest shareholder, saw its holding slightly decline from 30.20% to 29.56%.

Earlier this year, Petrosea, through its subsidiary PT Petrosea Infrastruktur Nusantara, established a new company named PT Portus Bara Jaya. The initiative is part of Petrosea’s strategic expansion to support and diversify its mining services portfolio.

PTRO management stated that the founding of Portus Bara Jaya is expected to enhance the company’s operational capabilities and broaden its business network. The joint venture was set up with a total capital of Rp 162.68 billion (approximately $9.95 million), split equally between Petrosea Infrastruktur and PT Lautan Hutan Lestari, each holding 50%.

“This investment in Portus Bara Jaya is anticipated to deliver a positive impact on the company’s future growth,” PTRO management said in an official statement.

Petrindo’s stock acquisition activity has been particularly aggressive in recent months. Between January and March 2025, its subsidiary Kreasi Jasa Persada purchased a total of 289.05 million PTRO shares, raising its total ownership to 4.47 billion shares.

The most significant single-day transaction occurred on Friday, March 7, when Kreasi Jasa Persada acquired 48.54 million shares valued at Rp 160.49 billion (about $9.81 million). The shares were purchased at an average price of Rp 3,306.84 each from the market. Management clarified that the transaction was intended as a direct investment.

This move follows Petrindo’s recent financial performance, with the company reporting a 929.32% surge in net profit in 2024, which triggered a sharp rise in its share price.