Shares of PT Petrosea Tbk (PTRO) surged sharply following the announcement of changes in its board of directors


, filled by trusted individuals of Prajogo Pangestu. This is in line with the plan for PT Petrindo Jaya Kreasi Tbk (CUAN) to acquire 34% of PTRO's shares.

Through a summary of the extraordinary general meeting (EGM) of shareholders held on Monday, December 4, 2023, the management and shareholders of PTRO agreed to change the composition of the board of commissioners and directors of the company. In the disclosure, PTRO appointed Osman Sitorus as the president commissioner concurrently as an independent commissioner, Erwin Ciputra as commissioner, Ginandjar Kartasasmita as commissioner, Michael as president director, Kartika Hendrawan as director, Meinar Kusumastuti as director, and Iman Darus Hikhman as director.

It is worth noting that there are names close to Prajogo Pangestu on the new PTRO board. Erwin Ciputra previously served as the president commissioner of PT Petrindo Jaya Kreasi Tbk (CUAN), an issuer controlled by Prajogo Pangestu.

Additionally, Michael serves as the CEO of CUAN. Meanwhile, Kartika Hendrawan serves as the Group CFO of CUAN and an independent commissioner of PT BNI Modal Ventura.

On the other hand, several names have resigned from their positions. They are Haji Romo Nitiyudo Wachjo or Haji Robert, Hasnul Suhaimi from the position of independent commissioner, Supandi from independent commissioner, Romi Novan Indrawan from the position of president director, Rafael Nitiyudo from vice president director, Aldi Rakhmatillah from director, and Pankaj Motilal from director.

In line with this news, PTRO's shares soared by 20% in the first trading session today, Wednesday (6/12/2023), reaching Rp6,300. Its market capitalization reached Rp5.08 trillion.

Furthermore, the following is the latest composition of PTRO's board of commissioners and directors:


President Commissioner: Osman Sitorus

Commissioner: Ginandjar Kartasasmita

Commissioner: Djuhar Maulidi

Commissioner: Erwin Ciputra

Commissioner: Jend. Pol (Ret.) Sutanto

Commissioner: Setia Untung Arimuladi


President Director: Michael

Director: Kartika Hendrawan

Director: Ruddy Santoso

Director: Meinar Kusumastuti

Director: Iman Darus Hikhman

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