CUAN Acquires 19.74% SINI Stake to Expand Mining Operations

• CUAN acquires 19.74% SINI stake and enters negotiations toward potential majority takeover.

• Proposed acquisition aims to strengthen CUAN’s mining assets and integrated services strategy.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

January 2, 2026 at 16:30 GMT+7

PT Petrindo Jaya Kreasi Tbk (CUAN) has finalized the acquisition of a 19.74% stake in PT Singaraja Putra Tbk (SINI), representing a minority investment valued at approximately Rp464 billion, as disclosed in its official filing to the Indonesia Stock Exchange.

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The shares were acquired through CUAN’s subsidiaries and affiliated entities, resulting in total indirect ownership of close to 20% in SINI. This transaction marks CUAN’s initial entry into SINI’s equity structure and forms the basis for continued engagement with the company’s existing controlling shareholders.

Management has stated that discussions are ongoing to evaluate the terms of a potential follow-on transaction, including transaction structure, valuation parameters, and execution timeline. The investment aligns with CUAN’s broader corporate strategy to expand its exposure to the coal mining sector and strengthen its operational footprint through selective equity participation.

CUAN plans to increase its ownership stake and become the new controlling shareholder | Source: IDNFinancials.com

CUAN plans to acquire at least 51% of PT Singaraja Putra Tbk (SINI), a level of ownership that would result in CUAN becoming the controlling shareholder of the company. Management stated that any transaction leading to a change in control would be subject to Indonesia’s capital market regulations, including the requirement to conduct a mandatory tender offer for the remaining shares held by public investors. 

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Based on the latest public disclosures, public shareholders currently own approximately 44.78% of SINI’s outstanding shares, indicating that CUAN would need to acquire additional shares beyond the controlling block to reach its targeted ownership threshold. 

The company emphasized that the proposed acquisition remains subject to ongoing negotiations, regulatory approvals, and the final structure of the transaction, and that no binding agreement has been executed at this stage.

Mining activities of PT Petrindo Jaya Kreasi Tbk | Source: emitennews.com

CUAN stated that the proposed transaction forms part of its long-term business strategy to strengthen its asset base and broaden its footprint across the mining and mining services value chain, with the objective of developing a more integrated mining group over time. 

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The company emphasized that discussions related to the potential transaction are still ongoing, and that no final decision has been made regarding the execution or scope of any follow-on acquisition. 

CUAN further noted that any subsequent transaction would be highly dependent on the outcome of negotiations, completion of due diligence, and the fulfillment of relevant regulatory requirements and approvals. In parallel, CUAN continues to evaluate the strategic fit of SINI’s operations and projects within its broader portfolio.

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Sources:

Bloomberg

IDN Financials