Petrosea Acquisition (PTRO), Prajogo's Business Octopus Grows Increasingly Fatter

STOCK MARKET – JAKARTA. Seemingly never satisfied, renowned tycoon Prajogo Pangestu continues to expand his business tentacles in the domestic capital market.

Last year, Prajogo successfully listed two of his affiliated companies on the Indonesia Stock Exchange, namely PT Petrindo Jaya Kreasi Tbk (CUAN) and PT Barito Renewables Energy Tbk (BREN).

The initial public offering (IPO) of these two stocks was quite successful.

For instance, after officially going public, BREN's stock continued to experience significant increases, even briefly becoming the issuer with the largest market capitalization.

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CUAN's stock also successfully became a market mover for the Composite Stock Price Index (IHSG) last year.

After going public, these two companies began to show their prowess, one of which was by launching acquisition actions.

Most recently, CUAN plans to acquire shares of a renowned domestic mining contractor issuer, namely PT Petrosea Tbk (PTRO).

CUAN plans to buy 342.92 million PTRO shares. This amount represents approximately 34% of all shares placed and fully paid in PTRO.

The value of PTRO's share purchase by CUAN reaches IDR 940 billion.

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After the acquisition, CUAN, through its subsidiary, PT Kreasi Jasa Persada, will become the new controller of PTRO.

CUAN's step to become the new controller of PTRO is just a step away. CUAN only needs to obtain approval from the general meeting of shareholders (RUPS) to be held this month.

If CUAN gets the green light to acquire PTRO, Prajogo's business portfolio on the Stock Exchange will automatically increase.

In the future, directly or indirectly, Prajogo will have 5 affiliated issuers on the IDX, namely CUAN, PTRO, BREN, PT Barito Pacific Tbk (BRPT), and PT Chandra Asri Pacific Tbk (TPIA).