Petrosea (PTRO) Announces Change in Controlling Shareholder

CORPORATE STRATEGIC - JAKARTA. PT Petrosea Tbk (PTRO) has announced a change in its controlling shareholder. A subsidiary of PT Petrindo Jaya Kreasi Tbk (CUAN), namely Kreasi Jasa Persada, has officially completed the transaction of purchasing shares of the mining contractor company.

“Kreasi Jasa Persada becomes the new controller of Petrosea after the completion of the transaction,” wrote PTRO Company Secretary Anto Broto in the disclosure of information on the Indonesia Stock Exchange, Wednesday (21/2)

On Friday (16/2), PT Kreasi Jasa Persada officially transferred as many as 342.92 million PTRO shares from PT Caraka Reksa Optima (CRO). This amount represents 34% of the capital deposited and placed in Petrosea.

Read Also: Acquisition of PTRO, Petrindo Jaya's Assets (CUAN) Increase to IDR 13.4 Trillion

The value of PTRO share purchase by Kreasi Jasa Persada reached IDR 940 billion. Kreasi Jasa Persada used loan funds from PT Bank Negara Indonesia Tbk (BBNI) to acquire PTRO shares.

In the future, there are five long-term strategies carried out by PT Kreasi Jasa Persada related to the development of PTRO.

First, strengthening PTRO's current business line by increasing value creation with existing clients and new clients. Second, diversifying PTRO's project portfolio to other mineral mining sectors and capturing other business opportunities in the oil, natural gas, and infrastructure sectors along with industry development.

Third, increasing PTRO's efficiency in providing more value to clients. Fourth, continuing the comprehensive transformation process in improving competence and human resource management. Fifth, strengthening the culture of work safety and health.