Mining mineral company owned by conglomerate Prajogo Pangestu, PT Petrindo Jaya Kreasi Tbk (CUAN), was observed to soar again during the first trading session on Thursday (11/9/2023).

As of 10:30 AM WIB (Western Indonesian Time), CUAN's stock surged by 6.15% to reach Rp 6,900 per share. CUAN's shares in the first session today moved within the price range of Rp 6,525 - Rp 6,925 per share.

CUAN's shares have been traded 5,963 times with a volume of 10.92 million shares and a transaction value reaching Rp 74.73 billion. Its market capitalization currently stands at Rp 77.29 trillion.

By 10:30 AM WIB, in the bid or buy order, at the price of Rp 6,800 per share, became the most significant buy queue today, amounting to 2,468 lots or around Rp 1.7 billion.

Meanwhile, in the offer or sell order, at the price of Rp 7,000 per share, became the most significant sell queue today, reaching 3,205 lots or about Rp 2.2 billion.

The surge in CUAN's stock is still attributed to the company's acquisition of shares of mining issuer PT Petrosea Tbk (PTRO). As for PTRO's shares themselves, they tended to stagnate in the first session today at Rp 4,010 per share.

This acquisition was carried out through CUAN's subsidiary, PT Kreasi Jaya Persada (KJP), when signing a conditional share purchase agreement on November 7, 2023, with the controlling shareholder of PTRO, PT Caraka Reksa Optima (CRO).

"The number of shares owned by CRO in PTRO that is planned to be bought and taken over by KJP based on the PPSB is 342,925,700 shares, representing 34% of the total issued and paid-up capital of PTRO," as stated in the announcement disseminated in the media on Tuesday, (11/7/2023).

CUAN management revealed that after the acquisition is completed, KJP will become the new controller of PTRO.

This is in line with the transaction's objectives, which are to increase KJP's assets and indirectly expand the company's business network, as well as part of the long-term business development plan for the group to become an integrated mining and mining services company.

It is known that CRO is a company owned by Robert Nitiyudo Wachjo, also known as Haji Romo. He announced his ownership of Petrosea (PTRO) shares through direct ownership on Wednesday, (8/23/2023).

Previously, Haji Romo was known to have previously acquired Petrosea shares through his investment vehicle, Caraka Reksa Optima.

Quoting information disclosure from the Indonesia Stock Exchange (IDX), Haji Romo was found to have purchased 19,178,701 shares of PTRO on Thursday, August 10. The transaction was conducted at a price of Rp 3,600 per share.

Thus, the action involved a movement of funds amounting to Rp 69.04 billion. Haji Romo's share ownership then increased from 0% to 1.901%.

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