Jakarta. Kreasi Jaya Persada, a subsidiary of Petrindo Jaya Kreasi (CUAN), has increased its share ownership in Petrosea. 

The increase in ownership tops Rp 865 billion and takes place in phases throughout March.

“We are confident in Petrosea’s performance and prospects in the future. As one of the EPC [engineering, procurement, and construction] companies and mining contractors that has a series of solid value chains, Petrosea is present as a capable business partner that can support the development of various upstream and downstream industries in Indonesia,” Petrindo Jaya Kreasi’s CEO Michael said. 

On March 4 and 5, Kreasi Jasa Persada acquired 39,718,000 shares at an average price of Rp 3,030.66. The acquisition was worth Rp 120,371,753,880. The company had another acquisition on March 6-7 for 48,545,800 shares at an average price of Rp 3,306.84 so the total was Rp 160,533,193,272.

On March 10-11, another acquisition for  8,269,900 shares at an average price of Rp 3,263.46 took place. This amounted to around Rp 26,988,487,854.

On March 12 and 14, the acquisition reached 105,223,100 shares at an average price of Rp 2,947.33 so the total was Rp 310,127,199,323,-.

The total acquisition on March 17 was 72,104,600 shares at an average price of Rp 2,815.10 (regular market) and 65,000,000 shares with an average price of Rp 3,500.00 (negotiation market) so the total is Rp 247,500,159,460.

Following these transactions, PTRO shares held by CUAN through Kreasi Jasa Persada rose to 4,461,485,400, equivalent to 44.234 percent of voting rights.

CUAN booked a positive performance in 2024 with its revenue soaring 718.56 percent. The company also saw a net profit of $160.78 million throughout last year. This figure increased sharply by 929.28 percent from the net profit position in the same period the previous year at $15.62 million.

Based on the financial report ending December 2024, CUAN recorded revenue of $801.72 million, a jump of 718.56 percent from its previous position of $97.94 million.

Throughout 2024, Petrosea recorded a total contract acquisition value (backlog) of Rp 64.3 trillion in 2024. This is the highest the company has ever recorded after being in the mining and construction sector for over five decades. 

Some of the new contracts the company secured include a mining service agreement with Pasir Bara Prima with a life of mine duration and a contract value of Rp 17.4 trillion. Petrosea signed an Onshore Early Works EPC agreement for the Ubadari, Tangguh EGR/CCUS & Tangguh Onshore Compression (UCC) projects with a contract value of Rp 4.6 trillion and a term of 24 months. It also recorded a procurement and construction agreement for the development of the Pomalaa Block mine with Vale Indonesia Tbk with a contract value of Rp 2.8 trillion and a term of 24 months. Petrosea also issued bonds and sukuk worth Rp 1.5 trillion last year.