JAKARTA,JS– Amid a sharp decline in the Indonesian stock market, tycoon Prajogo Pangestu took action. On January 28, 2026, he bought 90 billion shares of PT Petrindo Jaya Kreasi Tbk (CUAN). He completed the purchases in 12 separate transactions. Prices ranged from IDR 1,525 to IDR 1,580 per share. In total, he spent IDR 10.86 billion.
Investment Motivated by Personal Goals
Prajogo stated that he made the purchases for personal investment purposes. After the transactions, his stake rose to 94.53 billion shares. This equals 84.08% of CUAN’s paid-up capital.
CUAN Shares Fall Amid Volatility
CUAN shares dropped to IDR 1,560 during the trading session. They moved within a range of IDR 1,560 to IDR 1,660. Meanwhile, the Jakarta Composite Index (IHSG) fell 7.35% to close at 8,320.55 points.
Trading Halt Draws Attention
At 13:43:13 WIB, the Jakarta Automated Trading System (JATS) halted trading. The pause occurred after IHSG dropped 8%. This move reflects the market’s heightened volatility.
Strategic Move Shows Confidence
Despite the market turbulence, Prajogo’s action signals confidence in CUAN’s long-term potential. Analysts see this accumulation as a strategic step to support the company during volatile times. His willingness to invest heavily during a market decline highlights a focus on long-term value.(*)
