ICN News – After his success with Barito Pacific Tbk (BRPT) and Chandra Asri Petrochemical Tbk (TPIA), conglomerate Prajogo Pangestu was once again successful in bringing one of its subsidiaries to the Indonesian Stock Exchange (BEI). The company is PT Petrindo Jaya Kreasi (CUAN) which successfully conducted an initial public offering (IPO) on 8 March 2023.
CUAN’s performance in 2022 found its golden age. After 2019 experienced a great loss of Rp 281.16 billion, in 2020 the losses decreased drastically to only Rp 95.20. In 2021, its performance experienced a high jump with income of Rp 402.47 billion and succeeded in achieving a profit of Rp 22.03 billion. The peak occurred in 2022 by recording revenue of Rp 1.51 trillion with a net profit of 570.89 billion.
CUAN’s high income in 2022 was due to high coal prices on the international market. The majority of coal production in 2022 amounting to 1 million tons was exported to two countries, namely the Philippines and Japan. The exports to the Philippines contributed the most, namely 47%, Japan of 26% while the rest was to meet domestic needs.
The increasing income of CUAN in the last four years (2022-2025) has meant that its total assets have also increased rapidly. In 2022 CUAN’s total assets were Rp 1.64 trillion increased to Rp 3.51 trillion in 2023 and to Rp 49.20 trillion in March 2026.
This sharp increase was driven by a growth strategy focused on expanding the Company’s operational activities, as well as the increasing diversification of its business portfolio, which has supported the sustained improvement of its business performance.
To become a respected mining company, on 22 September 2023 CUAN kept on adding its coal mining portfolio by acquiring 100% ownership of PT Multi Tambangjaya Utama (MUTU), one of the coal mining assets owned by PT Indika Energy Tbk (INDY). CUAN has signed a conditional sale and purchase agreement with PT Indika Indonesia Resources and Indika Capital Investments Pte. Ltd, both are INDY’s subsidiaries.
The acquisition step taken by CUAN certainly surprised many parties because this company had recently been listed on the Indonesian Stock Exchange (BEI). Moreover, the mine which was acquired belonged to INDY.
In this agreement, CUAN purchased all shares of MUTU of 2,263,030,000 shares, including marketing rights owned by Indika Capital Investments with a total value of US$ 218 million. According to CUAN Director, Daniel J. Laurente, full ownership of MUTU will not only increase CUAN coal production but also strengthen CUAN’s position as a producer of high quality thermal coal. Apart from that, it strengthens its operations in Central Kalimantan, where most of the assets owned by CUAN are located here.
MUTU is a thermal coal and bituminous metallurgical coal mining company located in Central Kalimantan. MUTU has a 3rd generation Coal Mining Work Contract Agreement (PKP2B) with a concession area of 24,970 hectares.
BUSINESS DIVERSIFICATION
Not only running the coal business by acquiring coal mining companies, CUAN has also started to diversify its business into other segments. On 12 September 2023, through its subsidiary, PT Prima Mineral Investindo, CUAN purchased 85% shares of PT Silika Saut Jaya (SSJ). After the acquisition, CUAN became a new controlling shareholder of SSJ which is currently in the final process of obtaining approval from the Minister of Energy and Mineral Resources (ESDM) for the issuance of a mining business permit (IUP) for silica sand exploration in Kutai Kartanegara, East Kalimantan. The IUP which will be obtained covers an area of 461.49 hectares.
Further expansion, on 4 September 2023, CUAN announced to enter into the gold mineral business. CUAN carried out this business diversification through its subsidiary, PT Intam, which has a gold mining concession area of 18,500 hectares in Sumbawa Regency, West Nusa Tenggara, adjacent to two other gold concessions in Sumbawa. According to CUAN’s Main Director, Michael, CUAN’s entry into the gold business cannot be separated from the potential of gold minerals as an important and high-value mining commodity and adds to CUAN’s portfolio.
Michael continued, through Intam, CUAN hopes to provide substantial performance improvements so that it can contribute to providing better value for shareholders.
CUAN has also diversified its business by entering the metallurgical coal mining sector. This diversification is carried out through its subsidiary, namely PT Daya Bumindo Karunia (DBK). Metallurgical coal mining covering an area of 14,800 hectares is located in Murung Raya Regency, Central Kalimantan and is directly adjacent to a coal concession belonging to another CUAN’s subsidiary, PT Bara International. Thus, the two subsidiaries can utilize the same infrastructure and road access to optimize operational efficiency.
According to information compiled by an independent third party in 2011 using JORC 2004 principles, DKB recorded coal resources (inferred, indicated, measured) of 226.1 million tons, with coal reserves (probable & proven) of 99.5 million tons.
CUAN’s performance in 2023 is in the spotlight because it has a fantastic performance leap. Since being listed on the IDX in March 2023, CUAN shares had shot up more than 1,150%. Prajogo Pangestu’s role cannot be separated from the success of CUAN’s IPO. Prajogo is recorded to own 85.07% shares of CUAN, making him the controlling shareholder (PSP).
CUAN obtained fresh funds of Rp. 371.8 billion from the IPO. Tamtama Perkasa (TP) will use 39.95% of the fund to build an intermediate stockpile (ISP) and purchase supporting infrastructure in Mengkatip Village, South Barito, Central Kalimantan. Some 60.05% will be used for additional TP working capital to support activities such as paying mining contractors, purchasing heavy equipment, maintaining and repairing coal haul roads.
CUAN’s diversification strategy has continued through the strengthening of its mining asset portfolio via a number of strategic corporate actions. In February 2024, CUAN completed the acquisition of a 100% stake in PT Multi Tambangjaya Utama (MUTU) for approximately US$ 203 million. Including the transfer of marketing rights valued at US$ 15 million, the total transaction value reached approximately US$ 218 million. MUTU holds a mining concession covering 24,970 hectares in Central Kalimantan, further strengthening CUAN’s position as one of Indonesia’s mining groups with substantial coal reserves and resources. The acquisition also offers potential operational synergies, as the concession area is located in close proximity to several of the Group’s mining assets.
CUAN’s transformation has become increasingly evident following its acquisition of PT Petrosea Tbk (PTRO) through its subsidiary, PT Kreasi Jasa Persada. The acquisition has provided CUAN with access to mining contracting services, engineering, procurement and construction (EPC), infrastructure, logistics, and a wide range of support services for the energy and natural resources sectors. Petrosea’s addition to the Group has further diversified its revenue streams, which are now generated not only from coal sales but also from mining services and large scale construction projects.
Through Petrosea, the business expanded into international markets. In 2025, Petrosea completed the acquisition of the Hafar Group and the HBS Group, which operate in the mining services, construction, and gold mining sectors, particularly in Papua New Guinea. This acquisition marked a significant step in expanding the Group’s exposure to gold while strengthening CUAN’s presence in the regional market. Based on the Company’s consolidated financial statements, the HBS Group had total assets of approximately US$ 85.76 million, with the fair value of the net assets acquired amounting to approximately US$ 40.50 million after accounting for related liabilities.
Further business diversification was achieved through the acquisition of a 60% stake in Scan Bilt Pte. Ltd., a Singapore based company engaged in plant civil engineering construction and maintenance services for the chemical, energy, and oil and gas industries. The acquisition was valued at approximately S$ 10.3 million, equivalent to US$ 8.03 million. Through Scan Bilt, CUAN gained new capabilities in the construction and maintenance of industrial facilities, storage terminals, onshore oil and gas projects, chemical processing facilities, and power generation infra-structure. The acquisition also serves as a gateway for the Group’s business expansion across the Asia Pacific and Oceania regions.
CUAN has not limited its expansion to the mining sector and its supporting services. The Company has also begun venturing into the power generation business as part of its long term strategy to build an integrated energy ecosystem. Through PT Volta Daya Energi Indonesia (VDEI), the Company signed an agreement to acquire a 90% stake in PT Guna Darma Integra (GDI), which will develop a 680 MW power plant project within the Feni Haltim Industrial Park in East Halmahera, North Maluku. The project is estimated to require an investment of approximately US$600 million and is intended to support the energy needs of an industrial zone focused on mineral downstream processing and the electric vehicle supply chain.
This series of diversification initiatives demonstrates that CUAN is no longer solely focused on being a coal mining company. In a relatively short period of time, CUAN has built a business portfolio that encompasses thermal coal, metallurgical coal, gold, silica sand, mining services, EPC, industrial construction, power generation, logistics, and supporting infrastructure for the natural resources sector. This diversification is expected to strengthen the Company’s business resilience against commodity price fluctuations while creating new, more sustainable sources of growth over the long term.
Read more…
This article can be found in the June–July 2026 issue of ICN News Magazine
For advertising and subscriptions, please contact us via WA Or Email
Need a research report? Please visit CDMI Consulting
