Prajogo Pangestu's listed company supports Kopassus project in Papua
PT Chandra Asri Pacific Tbk (TPIA), the petrochemical and infrastructure company controlled by billionaire Prajogo Pangestu, has entered into a collaboration with the Merah Putih Fishing Village Task Force to support coastal development in Papua.
The Jakarta-based company is manufacturing and will distribute cooler boxes to 200 Red and White Fishing Village (KNMP) sites along Papua's coastline in stages, aiming to help preserve the freshness of catches and improve distribution channels for local fishermen.
The task force, established on 4 August 2026 and led by Brigadir Jenderal TNI Sutrisno Pujiono, was created specifically to address technical challenges in developing fishing village centres across Papua. The general emphasised that collaboration between the business sector and the military-led initiative is essential to support coastal communities and fishermen in the region.
Chrysanthi Tarigan, TPIA's head of corporate communications, said the partnership demonstrates Chandra Asri Group's commitment to national development priorities under President Prabowo Subianto's administration. The task force operates under Kopassus, the Indonesian Army's special forces group founded in 1952, which conducts operations including counter-insurgency, counter-terrorism, and intelligence gathering.
Edi Rivai, TPIA's director of legal, external relations and circular economy, described the collaboration as exemplifying synergy between industry and government in implementing strategic national programmes.
Ambitious national programme targets eastern Indonesia
The Papua initiative forms part of a broader government effort to construct fishing villages nationwide. President Prabowo has set a target of completing 1,386 Red and White Fishing Villages across Indonesia by December 2026, with construction accelerating throughout the year.
The Ministry of Marine Affairs and Fisheries is preparing approximately 200 KNMP sites specifically in Papua to strengthen coastal economies and improve fishermen's welfare, working in collaboration with the Indonesian National Armed Forces (TNI). The 200 cooler boxes from TPIA align directly with this planning.
The fishing village programme launched its first phase in 2025, when the ministry designated 65 locations under Ministerial Decree No. 55 of 2025, with a budget of Rp1.34 trillion (approximately US$81.6 million) and a completion target of December 2, 2025. These initial sites spanned 17 provinces but notably excluded Papua province itself. The current Papua expansion therefore represents a new development phase prioritising eastern Indonesia, with the government aiming to build more than 1,000 sites through 2027.
Each fishing village is designed to include comprehensive infrastructure such as docks, ice factories, cold storage facilities, markets, and fishing vessels ranging from 5 to 30 gross tons to support integrated fisheries operations from production to marketing. The cooler boxes provided by TPIA will complement this broader infrastructure ecosystem.
The KNMP programme ranks among the priority initiatives of the Prabowo administration, alongside the Free Nutritious Meals programme and the Merah Putih Village Cooperatives initiative.
Share price turbulence continues
As of 2:30 PM Jakarta time on Wednesday, TPIA shares edged up 0.33% to IDR 1,525 apiece. However, the stock has experienced dramatic volatility throughout 2026, falling nearly 80% since the beginning of the year.
The decline has been severe, with the share price dropping from a 52-week high of IDR 10,500-10,600 to as low as IDR 1,205 in early June 2026, representing approximately an 88% decline from its peak. The turbulence reflects broader challenges in the Indonesian stock market over recent months, partly attributed to pressure from MSCI, the global index provider, which delayed rebalancing Indonesian stocks due to concerns over trade manipulation and high concentration of share ownership.
Despite the stock market challenges, Prajogo Pangestu remains one of Indonesia's wealthiest individuals. As of August 2026, he was ranked #84 on Forbes' 2026 Billionaires list with a net worth of $16.8 billion, though his wealth has experienced significant volatility throughout the year.
