Shares of PT Singaraja Putra (SINI.JK) surged 10.3% to IDR 14,725 as markets digested renewed reports that PT Petrindo Jaya Kreasi Tbk (CUAN) is actively negotiating to acquire control of the micro-cap company — a deal that could reshape SINI's ownership structure and force investors to decide whether the premium is warranted or already priced in. Prajogo Pangestu's CUAN Moves to Seize Control of Singaraja Putra — But at What Price, and Who Benefits Most?
Shares of PT Singaraja Putra (SINI) spiked 10.3% to IDR 14,725 as billionaire Prajogo Pangestu's mining empire, PT Petrindo Jaya Kreasi (CUAN), pressed forward with negotiations to take full control of the former budget-hotel operator turned coal miner. With deal terms still undisclosed and the stock already up nearly 388% in a year, the core question for shareholders is whether the takeover premium is already baked in — or just getting started.
A Fresh Bid After a Failed First Attempt Raises the Stakes. This is not a recycled deal. The negotiations announced in early September are an entirely new transaction, distinct from a similar effort disclosed in December 2025 that was abandoned.
Discussions cover the mechanism, acquisition price, and anticipated completion timeline. The restart signals serious intent, but the absence of a confirmed price means minority shareholders are trading on faith rather than facts.
Prajogo's Group Already Has a Foot in the Door — and Wants the Whole House. CUAN's combined stake stands at 27.78%, held through PT Petrosea (PTRO) at 19.88% and PT Kreasi Jasa Persada at 7.90%.
If the takeover proceeds, Indonesian regulations would require CUAN to launch a mandatory tender offer (a required public buyout at a set price) to remaining shareholders. That mandatory bid is the single most important variable: it will define whether smaller investors get a fair exit or are left holding shares in a company firmly under one conglomerate's thumb.
Shedding Non-Core Assets Signals SINI Is Being Prepped for a New Owner. SINI sold its entire 54% stake in wood-processing subsidiary PT Interkayu Nusantara for IDR 31.8 billion on September 14.
Analysts view this as a "portfolio clean-up" — shedding non-mining assets to simplify SINI's structure ahead of a potential change of control. PTRO's IDR 1.19 trillion rights-issue injection in July 2026 already shifted coal concession assets into SINI , further cementing its pivot to mining.
The Financials Show a Dramatic Turnaround — But Volatility Is Real. SINI booked revenue of IDR 537.8 billion through July 2026 and swung from a net loss of IDR 43.1 billion a year earlier to a net profit of IDR 679.7 billion.
Its market cap now sits at roughly IDR 16.5 trillion with a price-to-earnings ratio of about 15.8x.
Yet the exchange suspended SINI trading on September 8 after a cumulative 138% three-month rally drew regulatory scrutiny. That suspension flag reminds investors: speculative momentum around deal chatter can unwind fast if terms disappoint or negotiations collapse a second time.