Pertamina Geothermal Energy Realizes IPO Funds Worth IDR 3.61 Trillion

Photo: Doc. Antara

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) or PGE has realized the initial public offering (IPO) of IDR 3.61 trillion for capital expenditure (capex) and debt repayment as of June 30, 2024.

Meanwhile, the realization was 41.16 percent of the net results obtained by the company during the IPO action on February 24, 2023, which was IDR 8.77 trillion.

Finance Director of PGE Yurizki Rio, as stated in the information disclosure on the Indonesia Stock Exchange (IDX), Jakarta, quoted from Antara, Tuesday, July 16, detailed that the company has used IPO proceeds worth IDR 2.08 trillion for capex and IDR 1.53 for debt repayment, so that the remaining IPO proceeds are currently valued at IDR 5.15 trillion.

Yurizki explained that the company placed IPO proceeds worth IDR 4.91 trillion at PT Bank Rakyat Indonesia Tbk (BBRI) with an interest rate of 5.85 percent, and the remaining IDR 240.39 million were placed at PT Bank BTPN Tbk (BTPN) with an interest rate of 5.75 percent.

In the IPO, after deducting PGE's emission costs, PGE achieved net funds of IDR 8.77 trillion, which is planned to be valued at IDR 7.24 trillion for capital expenditure (capex) and IDR 1.53 trillion for debt repayment.

From capex worth IDR 7.24 trillion, the details are IDR 6.37 trillion for capex or investment in additional capacity development from the company's current operational Geothermal Working Area (WKP), which is carried out through conventional development and utilization of cogeneration technology.

Then, which is worth IDR 869.16 billion for capex or investment in the development of digital, analytic, and reservoir management capabilities to support production, operation & maintenance excellence.

Meanwhile, the settlement of debt worth IDR 1.53 trillion was used to pay part of the Facilities Agreement dated June 23, 2021 between the company and Mandated Lead Arrangers, Initial Syndicated Creditors and PT Bank Mandiri (Persero) Tbk as a Facility Agent.