JAKARTA – PT Petrosea Tbk (PTRO), a company owned by conglomerate Prajogo Pangestu, has once again caught investors’ attention following the stock split approved in an Extraordinary General Meeting of Shareholders (EGMS) in late December 2024.

As of January 2, 2025, PTRO's stock price stood at IDR 2,745 per share. By February 17, 2025, the stock had surged by 26.41%, reaching IDR 3,470 per share. In fact, by late January, PTRO's share price had briefly surpassed IDR 4,000 per share.

The stock price increase has been driven by the stock split and several newly secured contracts.

"Among the new contracts are a mining services agreement with PT Pasir Bara Prima valued at IDR 17.4 trillion, and an Onshore Early Works EPC agreement for the Ubadari and Tangguh EGR/CCUS & Tangguh Onshore Compression project, worth IDR 4.6 trillion," said Kartika Hendrawan, Chief Investment Officer of Petrosea, in a disclosure cited Monday (17/2).

On another note, while PTRO shares declined on February 7, 2025 following the announcement of its exclusion from the Morgan Stanley Capital International (MSCI) index for the February period, MSCI has indicated that PTRO's inclusion will be reconsidered in the upcoming May review. (DK/ZH)