Prajogo's CUAN Negotiating Acquisition of SINI, Aiming to Become New Controller

PT Petrindo Jaya Kreasi Tbk (CUAN), an entity belonging to Prajogo Pangestu, has announced plans to negotiate the takeover of PT Singaraja Putra Tbk (SINI). Through this action, CUAN aims to become the largest shareholder of SINI.

CUAN is pursuing this plan through its subsidiaries, PT Kreasi Jasa Persada and PT Petrosea Tbk. Currently, CUAN is still in negotiations with SINI shareholders to discuss several aspects of the takeover plan, including the transaction mechanism, price, and the anticipated completion timeline.

Consequently, the takeover plan remains dependent on the outcome of negotiations and the fulfilment of all necessary requirements and approvals.

“CUAN (through its subsidiaries) will become the largest shareholder in SINI and simultaneously hold control over the company’s direction, policies, and management,” as quoted from the Indonesia Stock Exchange (BEI) disclosure on Friday, 4 September 2026.

CUAN also stated that it will execute a mandatory tender offer once the takeover plan is finalised, in accordance with applicable regulations. This obligation will be carried out by CUAN in its capacity as the prospective new controller of SINI.

The takeover plan serves several strategic purposes for CUAN. The company noted that the action is intended to increase group assets, expand business networks, and form part of a long-term business development plan to build an integrated mining and mining services company.

CUAN also provided clarification regarding a previous transaction process announced on 29 December 2025. The relevant parties had agreed not to proceed with discussions and to terminate the previous transaction process.

The company emphasised that the transaction announced this time is a new transaction. Therefore, the current negotiations for the takeover of SINI are not a continuation of the previous transaction.

At present, CUAN holds, both directly and indirectly, 27.78% of SINI’s issued and paid-up capital.

Following the news, SINI shares rose by 1.70% daily and 108.36% monthly to Rp14,950 at the close of the first trading session today. Meanwhile, CUAN rose by 2.20% during the same period.