Jakarta. Chandra Daya Investasi Tbk (IDX: CDIA), a subsidiary of the Chandra Asri Group controlled by tycoon Prajogo Pangestu, has acquired a controlling stake in logistics operator ELPI Trans Cargo as part of its aggressive expansion in the shipping and offshore services sector.

The acquisition was completed on May 8, through CDIA’s subsidiary Chandra Shipping International, which purchased 57.5% of ELPI Trans Cargo from publicly listed shipping company Pelayaran Nasional Ekalya Purnamasari (IDX:ELPI).

ELPI Corporate Secretary Wawan Heri Purnomo said the company transferred 17,250 shares in ELPI Trans Cargo to Chandra Shipping International, with a total nominal transaction value of Rp 17.25 billion ($1 million).

“With the completion of this transaction, control over ELPI Trans Cargo has been transferred to Chandra Shipping International,” Wawan said in a disclosure to the Indonesia Stock Exchange on Monday.

As a result, ELPI Trans Cargo is no longer a consolidated subsidiary of Pelayaran Ekalya effective May 8.

ELPI Trans Cargo operates in non-offshore logistics and cargo transportation services, focusing primarily on tugboats, barges, and bulk carrier vessels.

Wawan said the divestment is expected to support ELPI Trans Cargo’s business continuity and future expansion, particularly in offshore services. He added that the transaction would not affect ELPI’s operational activities.

CDIA is an integrated infrastructure company with businesses spanning energy, water, ports, storage, and logistics. The company has been rapidly expanding its maritime operations in Asia and Europe as part of a broader growth strategy.

The company aims to operate 20 vessels in the gas, chemical, and dry bulk shipping segments by the end of 2026. CDIA currently owns 14 vessels with capacities ranging from 4,200 deadweight tons (DWT) to 9,600 DWT.

Earlier this year, CDIA added the chemical tanker Boreas, a 9,000 DWT vessel built in collaboration with Japan’s Fukuoka Shipbuilding Co. Ltd., which is scheduled to begin operations in 2026.

CDIA also reported stronger revenue growth in the first quarter of 2026. Net revenue rose 19% year-on-year to $41.2 million from $34.6 million in the same period last year. However, net profit fell sharply by 68.6% to $9.5 million, compared with $30.2 million a year earlier.

The group’s total assets reached $1.9 billion as of March 2026, up 9% from $1.74 billion at the end of 2025. Its cash and marketable securities position also remained strong at $954.2 million, an 18.8% increase from $803.3 million previously, providing the company with significant financial flexibility to support expansion plans.

Beyond shipping, CDIA continues to expand its renewable energy business. The company currently operates solar power capacity of 11 megawatt-peak (MWp), with an additional 5 MWp under development.