SINI to Launch Rp3.6 Trillion Rights Issue to Acquire Subsidiary of Prajogo's Listed Company
Jakarta, CNBC Indonesia — The listed holding company for accommodation services, PT Singaraja Putra Tbk (SINI), plans to undertake a capital increase through the granting of pre-emptive rights to existing shareholders (PMHMETD) or rights issue to bolster its capital structure while acquiring a company in the coal sector owned by PT Petrosea Tbk (PTRO).
In its disclosure of information, the company stated that the proceeds from the rights issue will be used to take over PT Kemilau Mulia Sakti (KMS), to repay part of its debt early, and to support working capital.
The company plans to issue a maximum of 721.5 million new shares with a nominal value of Rp100 per share. Assuming an exercise price of Rp5,000 per share, the company could potentially raise around Rp3.61 trillion.
The funds will, among other things, be used to acquire 507.38 million shares or the equivalent of 99.995% ownership in PT Kemilau Mulia Sakti from Petrosea. The value of this takeover transaction amounts to Rp1.73 trillion.
Management views this corporate action as improving the company’s financial condition, including strengthening equity, increasing liquidity, and reducing interest expenses through partial loan repayments.
Following the rights issue, the company’s total assets are projected to increase from Rp1.57 trillion to Rp4 trillion, while equity will turn from a negative Rp687 billion to a positive Rp1.54 trillion.
Additionally, the liabilities-to-assets ratio is expected to improve from 1.44 times to 0.62 times after the implementation of this corporate action.
SINI’s management stated that the acquisition of KMS aligns with the strategy of expanding into the coal mining sector, which is still seen as having positive prospects, supported by global demand from countries such as China and India, as well as the continuously increasing domestic electricity needs.
“The company, in carrying out its business activities as a holding company, seeks to improve performance sustainably, enhance long-term business resilience, and increase company value for shareholders in the future through investment activities in business sectors with growth potential,” said SINI’s management in the disclosure of information, quoted on Thursday (16/4/2026).
This rights issue plan will first seek approval at the General Meeting of Shareholders (GMS) scheduled for 26 May 2026. After obtaining approval and an effective statement from the Financial Services Authority (OJK), the rights issue can then be implemented.
For information, the takeover of KMS is also categorised as a material transaction and an affiliated transaction because the transaction value reaches 110.27% of the company’s total assets based on the financial statements as of 31 December 2025.