Conglomerate Prajogo Pangestu Disburses IDR 6.29 Trillion To Complete Acquisition Of Star Energy, Apparently This Plan Has Been Existing Since 2009

Conglomerate Prajogo Pangestu. (Photo: Doc. Antara)

JAKARTA - The boss of Barito Pacific, conglomerate Prajogo Pangestu announced again to buy the remaining shares or 33.33 percent of the shares of Star Energy Group Holding Pte Ltd. The disbursed value reached 440 million US dollars or IDR 6.29 trillion from BCPG Thailand through the company he controlled, Green Era Pte Ltd.

In an official statement on the Barito Group website, quoted on Friday, March 11, it turns out that Prajogo has been eyeing Star Energy for a long time and has wanted to be in full control since 2009, this step was taken to maintain stability in profits in the energy business.

Since 2009, Prajogo has been eyeing a 51 percent stake in Star Energy worth IDR 5.1 trillion or US$ 555 million. The move began with controlling 40 percent of Star Energy's shares after buying from another Star Energy founder, Supramu Santoso.

Meanwhile, the rest is owned by Nusantara Capital by 30 percent and a financial company from London by 30 percent. Then, in 2018, the Barito Group completed a rights issue to buy a 66.67 percent stake in Star Energy Group Holdings Pte Ltd. with the acquisition of funds worth IDR 8.9 trillion.

Agus Salim Pangestu who at that time served as President Director of PT Barito Pacific Tbk. (BRPT) said that it succeeded in acquiring 66.67 percent of Star Energy's shares on June 29, 2018. In the rights issue, Prajogo became the strongest supporter by depositing IDR7 4 trillion and placing an additional order of IDR1 4 trillion.

Star Energy is a leading producer of geothermal energy in Indonesia, operating in Wayang Windu, Salak, and Darajat and capable of producing renewable energy to meet the electricity needs of millions of homes in Indonesia.

In April 2017, the Star Energy Geothermal Consortium concluded a Share Purchase Agreement for the Salak and Darajat geothermal fields, which together generate 413 MW of electricity and supply 235 MW of steam. Star Energy currently operates a geothermal facility with a gross installed generation capacity of 227 MW.

In Sukabumi, Star Energy Geothermal Salak, Ltd. also manages one of the largest geothermal fields in the world, with a gross installed generation capacity of 197 MW and steam sales capacity of 180 MW. In Garut, Star Energy Geothermal Darajat II, Limited has a gross installed generating capacity of 216 MW and a steam sales capacity of 55 MW.

Meanwhile, Star Energy Geothermal is part of PT Barito Pacific Tbk. In contrast to Star Energy Oil and Gas which is not part of PT Barito Pacific Tbk.