PT Chandra Asri Pacific Tbk (TPIA), a company under the conglomerate Prajogo Pangestu, is further cementing its dominance in the logistics sector. The petrochemical giant has officially expanded its reach through its subsidiary, PT Chandra Shipping International (CSI), by acquiring a majority stake in PT ELPI Trans Cargo (ETC), a subsidiary of PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI).
The strategic acquisition, valued at IDR 17.3 billion, positions CSI as the new controlling shareholder of ETC. Following the completion of the transaction, CSI now holds a 57.5% stake in ETC, representing 17,250 shares, while ELPI retains the remaining 42.5% ownership, equivalent to 12,750 shares.
In a formal disclosure to the Indonesia Stock Exchange (IDX) on Wednesday (May 13), ELPI’s Corporate Secretary, Wawan Heri Purnomo, confirmed that the transfer of control took effect on May 8, 2026. Consequently, ETC will no longer be classified as a consolidated subsidiary of ELPI. The transition involved the transfer of 17,250 shares at a nominal value of IDR 1 million per share, totaling IDR 17.25 billion in nominal value.
Wawan explained that the corporate action is designed to bolster the long-term sustainability of ETC, specifically to fuel business development within the offshore services sector. The entry of CSI as the majority shareholder is expected to accelerate ETC’s expansion in offshore logistics, a market segment currently witnessing significant growth potential driven by rising activity in the energy and maritime industries.
Despite the shift in ownership, ELPI management has assured stakeholders that the transaction will not disrupt daily business operations. The company emphasized that its ongoing activities will continue to function as intended without any negative impact on overall operational performance.
Market reaction to the announcement has been overwhelmingly positive. Shares of ELPI surged by 22.70% to reach IDR 2,000 in recent trading, building on the previous day’s momentum where the stock hit its Auto Reject Atas (ARA) limit with a 24.90% increase. This latest rally contributes to an impressive 150% gain for ELPI shares year-to-date.
This acquisition is part of a broader strategy by TPIA to aggressively expand its business footprint throughout 2026. Beyond its logistics ventures, TPIA has been actively diversifying its portfolio; as of April 30, 2026, the company held a 4.88% stake in PT Surya Semesta Internusa Tbk (SSIA), representing 229.84 million shares.
Summary
PT Chandra Asri Pacific Tbk (TPIA), through its subsidiary PT Chandra Shipping International (CSI), has acquired a 57.5% majority stake in PT ELPI Trans Cargo (ETC) for IDR 17.3 billion. This strategic move, finalized on May 8, 2026, shifts control of ETC from PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI) to CSI. The acquisition aims to enhance the long-term sustainability of ETC and accelerate its growth within the offshore logistics and energy services sectors.
Despite the change in ownership, ELPI confirmed that the transaction will not impact daily business operations or performance. Market response to the deal has been highly positive, with ELPI shares experiencing significant gains following the announcement. This acquisition reflects TPIA’s broader 2026 corporate strategy to aggressively expand its logistics presence and diversify its business portfolio.
