SINI Plans Rights Issue to Acquire PTRO's Coal Mine for Rp1.73 Trillion
JAKARTA, KOMPAS.com - PT Singaraja Putra Tbk (SINI), a hotel and property developer, has prepared a rights issue of up to 721.5 million new shares to fund the acquisition of mining assets worth Rp1.73 trillion from PT Petrosea Tbk (PTRO), a mining services and contractor firm.
SINI’s management stated in its disclosure on Friday, 22 May 2026, that the proceeds from the rights issue will be used to acquire PT Kemilau Mulia Sakti (KMS), settle early debt repayments to creditors, and cover working capital needs.
“The value of the KMS acquisition plan is Rp1.7304 trillion,” said SINI’s management in the disclosure, cited on Sunday, 24 May 2026.
Under the corporate action, SINI will issue new shares with a nominal value of Rp100 each. The new shares will carry identical rights to fully paid-up shares, including voting rights and dividend entitlements.
The company will pay Rp1.512 trillion in cash using rights issue funds upon completion of the acquisition. The remaining payment of Rp218.4 billion, plus 7.5% annual interest, will be paid in instalments using internal cash until 31 December 2028.
SINI’s management stated the acquisition aligns with its strategy to expand investments by controlling KMS, which operates in the coal mining sector.
“The KMS acquisition plan aligns with the company’s strategy to increase investments by gaining control of KMS, which oversees subsidiaries engaged in coal mining,” said SINI’s management.
SINI will seek shareholder approval for the rights issue and KMS acquisition at the Annual General Meeting of Shareholders (RUPST), Extraordinary General Meeting of Shareholders (RUPSLB), and Independent General Meeting of Shareholders (RUPSI) on 26 May 2026.
In accordance with OJK regulations on PMHMETD, the company will submit a registration statement for the rights issue to the Financial Services Authority (OJK) on 26 May 2026 before the corporate action becomes effective.
PTRO’s net profit rose 50.54% to $1.38 million. The largest revenue contributions came from the mining segment at $140.56 million and construction and engineering at $106.43 million.
Meanwhile, PT Singaraja Putra Tbk (SINI), a hotel and property developer, has not disclosed Q1 2026 financial performance details in the disclosure related to the rights issue and KMS acquisition. However, the company stated the acquisition aims to expand investments through control of coal mining operations.