JAKARTA. PT Petrosea Tbk (PTRO) has recently formed a new subsidiary called PT Petrosea Infrastruktur Nusantara (PIN) in order to support business expansion.

PIN is established by Petrosea with 99.90% claim over its shares, while another 0.10% is allocated to PT Rekakarsa Karya Nusantara. “Formation of PIN is intended as a sub-holding company and management consultancy in infrastructure segment,” said Antro Broto, Corporate Secretary of PTRO, in the official statement a couple of days ago.

On another occasion, Kartika Hendrawan, Director of PTRO, mentioned that as of now, PIN is currently doing due diligence regarding the possibility of acquisition of several mining infrastructure assets. This goes hand-in-hand with the plan of expansion and diversification of mining service contracts handled by PTRO.

“We are currently under several due diligences over assets that will be possibly acquired by the company,” said Hendrawan in the public expose held today (23/10).

It is worth mentioning that earlier this month, PTRO had announced the allocation of investment worth IDR 6 trillion or equal to approximately USD 400 million for new mining equipment. Some of said equipment was bought from PT United Tractors Tbk (UNTR), PT Trakindo Utama, PT Indotruck Utama, PT Indo Traktor Utama, and PT Eka Dharma Jaya Sakti.

According to IDNFinancials data, PTRO managed to book revenue of USD 318.02 million in the first half (H1) of 2024, while its net profit reportedly arrived at USD 1.32 million. (KR/ZH)