Commodity Shares Lift Conglomerate Assets

The fluctuations in the share prices of companies involved in the energy and mining commodity sectors have significantly influenced the wealth portfolios of conglomerates in the nation.

Annisa Kurniasari Saumi & Rizqi Rajendra

8 Sep 2023 - 19.39
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Commodity Shares Lift Conglomerate Assets

PT Amman Mineral Internasional Tbk's mining activities. Photo/JIBI

Bisnis, JAKARTA — The fluctuations in the share prices of companies involved in the energy and mining commodity sectors have significantly influenced the wealth portfolios of conglomerates in the nation. Notably, Prajogo Pangestu has seen substantial gains in his wealth due to the remarkable surge in the share prices of PT Petrindo Jaya Kreasi Tbk. (CUAN).

According to Bloomberg data, the shares of PT Petrindo Jaya Kreasi Tbk. (CUAN) have witnessed a remarkable surge of 990.9% since their listing on March 8, 2023, reaching a level of IDR 2,400 per share in recent trading.

This surge in CUAN shares has significantly impacted the wealth portfolio of Prajogo Pangestu, the owner of a substantial stake in the coal issuer. Prajogo holds a direct ownership share of 85.06% in CUAN, and as a result, the value of his share portfolio in CUAN has skyrocketed from IDR 2.1 trillion at the time of the IPO to a substantial IDR 22.95 trillion.

Another company associated with Prajogo, PT Barito Pacific Tbk. (BRPT), has also shown robust performance this year, with a 49.67% year-to-date (YtD) increase in its share price, now standing at IDR 1,130 per share. Prajogo is a controlling shareholder in BRPT, holding a significant 71.16% ownership stake.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.