JAKARTA – The shares of PT Abadi Nusantara Hijau Investama Tbk (PACK) surged by 9.73%, hitting the upper auto reject limit (ARA) at IDR 2,480 per share during the first trading session on Monday (10/2).

This increase in PACK's stock price has occurred gradually since the company was officially acquired by PT Eco Energi Perkasa (EEP) in October 2024. EEP now holds a 49% stake in PACK, equivalent to 753.4 million shares.

These shares were purchased from several parties, including PT Star Magnum Capital, Michael Gerald Jusanti, PT JJF Investama, Hendrick, and PT Benson Kapital Indonesia, at an acquisition price of IDR 29 per share, bringing the total acquisition value to IDR 21.84 billion.

With PACK's share price reaching IDR 2,480 per share as of February 10, 2025, the estimated value of EEP’s stake now stands at IDR 1.86 trillion.

According to stock exchange data, PACK shares have recorded a growth of 110.85% in the last month and have skyrocketed 302.96% year-to-date (ytd) since the beginning of 2025.

This stock surge is believed to be related to CNGR Advanced Material, the parent company of EEP from China, which is reportedly executing a backdoor listing strategy.

Research from Indo Premier Sekuritas, conducted by Ryan Winipta and Reggie Parengkuan, indicates that CNGR Group, which holds a 23% global market share in the precursor industry, is the main beneficiary of this acquisition.

CNGR is a leading advanced materials company headed by Chinese conglomerate Deng Weiming. Analysts suggest that this strategic move signals CNGR’s ambition to expand its business footprint in the Indonesian market through PACK. (DK/ZH)