Rukun Raharja (RAJA) Completes 10% Stake Divestment in Raharja Energi Cepu (RATU) Worth Rp319 Billion

Downstream oil and gas company PT Rukun Raharja Tbk. (RAJA), owned by Happy Hapsoro, has finalized the divestment of 10% of its shares in PT Raharja Energi Cepu Tbk. (RATU) in two phases, with a total transaction value of Rp319 billion.

Rukun Raharja’s Corporate Secretary, Yuni Pattinasarani, stated that in the second phase, RAJA divested 144,983,800 RATU shares, representing 5.34% of its issued and fully paid-up capital. The transaction was executed on March 17, 2025.

"This share divestment does not affect RAJA’s control over RATU," she noted in an information disclosure on Tuesday (March 18, 2025). Yuni confirmed that RAJA remains the majority shareholder of RATU, holding a 70% stake.

According to Indonesia Stock Exchange (IDX) data, the negotiated market recorded a transaction of 144.98 million RATU shares worth Rp170.35 billion in the previous trading session.

Divestment Conducted in Two Phases Since March 5, 2025

This divestment follows the first phase, which took place on March 5, 2025. In that initial stage, RAJA sold 126,521,500 RATU shares, equivalent to 4.66% of its issued and fully paid-up capital. The shares were sold at Rp1,175 per unit via the negotiated market, facilitated by brokers BNI Sekuritas (NI) and Henan Putihrai (HP). This first-phase transaction generated Rp148.66 billion.

With both phases now complete, RAJA has secured Rp319 billion from the divestment of 10% of its stake in its upstream oil and gas subsidiary.

Divestment Based on Share Purchase Agreement

Previously, Yuni explained that the 10% RATU share divestment was part of a share purchase agreement signed between RAJA and the buyer on January 10, 2025, just two days after RATU was listed on the IDX.

"The company has agreed to gradually transfer 10% of its shares in RATU," she stated in an information disclosure on Tuesday (March 11, 2025). She also emphasized that despite the divestment, RAJA maintains control over RATU’s strategic direction and operational policies.

Furthermore, the proceeds from this divestment will be allocated for business expansion, working capital reinforcement, and investments in other strategic sectors.