JAKARTA - PT Pertamina Geothermal Energy Tbk will conduct an initial public offering by releasing a maximum of 25 percent of shares to the public.
PGEO Finance Director Nelwin Aldriansyah confirmed that PGE will distribute 50 percent of the dividends from profits to shareholders.
"We will distribute a dividend of 50 percent starting in the 2023 financial year," he said at a press conference in Jakarta quoted on Thursday, February 2,
Nelwin explained that later public investors who enter the IPO will receive dividends from the 2023 financial year which will be distributed in 2024 out of a maximum of 50 percent.
Quoted from the prospectus, the Company plans to propose distributing cash dividends to all shareholders based on a maximum dividend payment ratio of 50 percent of net profit after setting aside sufficient reserves.
It is known that PGE will carry out the Initial Offer Period on February 1, 2023 until February 9, 2023.
PGE will release a maximum of 10,350,000,000 (ten billion three hundred and fifty million) of ordinary shares on behalf of the offering price which ranges from Rp820-Rp945.
Nelwin also explained that PGE will later offer stocks that can reach abroad such as America and Europe.
"We will reach investors to USA and Europe, but the shares are only listed on the Indonesia Stock Exchange (IDX)," Nelwin added.
Through the IPO plan, PGE targets the maximum proceeds of IDR 9.78 trillion.
The allocation of proceeds from the IPO implementation will be used by PGE for capital expenditure (capex) and payment of some loan facilities.
Nelwin said that later around 16 percent of the IPO proceeds will be used for debt payments and the remaining 83 percent will be used to develop geothermal energy potential which reaches 600 megawatts (MW) throughout Indonesia.
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