Prajogo-Hapsoro Alliance Tightens as PTRO Becomes SINI Shareholder

Jakarta — Prajogo Pangestu and Hapsoro are growing closer in a latest corporate action involving two of their companies. PT Singaraja Putra Tbk (SINI) acquired a 99.995% stake in PT Kemilau Mulia Sakti (KMS) from PT Petrosea Tbk (PTRO) for Rp1.73 trillion. Subsequently, the issuer owned by Prajogo Pangestu became one of the largest shareholders of SINI. PTRO purchased 239.105 million shares of SINI on 23 July 2026 at a price of Rp5,000 per share. Petrosea’s ownership increased from 1.212 million shares, or 0.25%, to 239.105 million shares, equivalent to 19.88%. Citing a disclosure on Monday (27/7/2026), the transaction was conducted for investment purposes. PTRO’s entry occurred after SINI completed the acquisition of a 99.995% stake in KMS, a company previously owned by Petrosea. The transaction value reached approximately Rp1.73 trillion, making SINI the controlling shareholder of KMS. The company stated the acquisition was carried out to expand its coal mining business. Not only PTRO, but several other investors also increased their holdings in SINI on the same day. Autum Prima Indonesia purchased an additional 60 million shares, increasing its ownership from 30% to 16.99% following the company’s corporate action. Additionally, Ever Grace International Trading Limited entered as a holder of 90 million shares, or 7.48%, while PT Deli Indonesia Raya bought 30 million shares, or 2.49%. The series of transactions took place alongside the signing of a mining services agreement between two SINI subsidiaries, PT Pesona Bara Cakrawala (PBC) and PT Cakrawala Bara Persada (CBP), with Petrosea. Under the agreement, Petrosea will carry out overburden removal and coal mining activities for the life of the mine. The potential value of the work is estimated to reach around Rp57 trillion, consisting of approximately Rp45.57 trillion for the PBC project and Rp11.48 trillion for the CBP project. Thus, the relationship between SINI and Petrosea is not limited to asset sale and purchase transactions. After divesting KMS, Petrosea remains linked to SINI as a shareholder as well as an operational partner through a long-term mining services contract.