PT Petrosea Tbk (PTRO) has announced the acquisition of a mining services contract with PT Pasir Bara Prima (PBP). The contract, valued at approximately IDR 17.4 trillion, was signed on August 9, 2024.

Petrosea's Corporate Secretary, Anto Broto, revealed that the contract has a "life of mine" term, meaning it will be in effect for the entire lifespan of the mine. This contract acquisition is part of PTRO's long-term strategy to enhance its operational activities in mining services.

"It has a positive impact on the company's business continuity and enhances the financial and operational performance of the company," Anto stated in a disclosure on Tuesday, August 13.

To recap, PTRO and PBP signed an amendment and restatement of the term sheet for the mining services agreement on July 3, 2024. PBP is a subsidiary of PT Singaraja Putra Tbk (SINI), owned through PT Dwi Daya Swakarya.

Meanwhile, PTRO is part of the conglomerate group owned by tycoon Prajogo Pangestu. As of July 31, 2024, PTRO was controlled by PT Kreasi Jasa Persada, which holds a 41.51% stake in the company.

PT Kreasi Jasa Persada, in turn, is a subsidiary of PT Petrindo Jaya Kreasi Tbk (CUAN). As of July 31, 2024, Prajogo Pangestu owned 9.56 billion shares, representing an 85.07% ownership in CUAN.

By the end of trading on Tuesday, August 13, PTRO's stock price surged by 675 points, or 8.52%, reaching IDR 8,600 per share. Year to date, PTRO's stock price has accumulated a 63.81% increase.