Officially Take The Floor On The Exchange, Pertamina Geothermal Energy Shares Drop 5.14 Percent

Illustration of IDX (Photo: Doc. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) officially listed shares on the Indonesia Stock Exchange (IDX). However, its share price immediately reddened at the start of trading.

From VOI's observation, Jakarta, February 24, PGEO's shares immediately fell 45 points or 5.14 percent to Rp830 per share.

The frequency at the beginning was opened up to 600 transactions. With a total volume of 300 thousand lots and a total transaction value of IDR 34 billion.

In fact, at 10.00 WIB, it fell 55 points or 6.29 percent to Rp820.

President Director of PT PGE Ahmad Yuniarto said PGE will continue to be committed to increasing the renewable energy mix towards achieving the net zero emission emmission.

"Investasi untuk PGE adalah investasi Indonesia dengan energi hijaumana penyediaan enerti bersih juga bersamaan dengan upaya-upaya untuk merawat bumi Indonesia ini," ujarnya dalam konferensi pers di IDI, Jumat, 24 Februari.

As is known, the Company offered to the public 10,350,000,000 ordinary shares in the name, representing 25% of the company's issued and paid-up capital and offered at a Offering Price of IDR 875 per share.

The company has carried out a public offering since 2022 February 2023 and has won Rp9.05 trillion in funds. The company targets to increase its self-operated installed capacity base, from 672 megawatts (MW) to 1,272 MW by 2027. In addition, to support PGE continues to grow and develop all value chains from Indonesia's geothermal resources, according to the tagline PGE Energizing Green Future.

The company also allocated a maximum of 1.50% of the issued and fully paid capital after the initial public offering or a maximum of 630,398,000 shares for the Share Purchase Option Program to Company Management and Employees (Employee Stock Option Program).

In the initial public offering, PGE appointed PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, and PT Credit Suisse Sekuritas Indonesia as underwriters for the issuance of securities. PGE also appointed CLSA, Credit Suisse, and HSBC as international selling agents. PGE has succeeded in attracting domestic investors and multinational investors to experience excess demand or oversubscribed up to 3.81 times from the pooling portion, exceeding the previously set target.