Indika Energy Owned By Conglomerate Agus Lasmono Sudwikatmono Sells Shares In Mitrabahtera, Raises Nearly IDR 600 Billion In Funds

Illustration. (Photo: Pixabay)

JAKARTA - The issuer of coal, PT Indika Energy Tbk will take corporate action. The company with the stock code INDY will sell all of its shares in PT Mitrabahtera Segara Sejati Tbk (MBSS).

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Monday, August 9, the company owned by conglomerate Agus Lasmono Sudwikatmono through its subsidiary PT Indika Energy Infrastructure (IEI) together with The China Navigation Co. Pte. Ltd. (CNCo), has signed a conditional sales and purchase agreement (CSPA) to sell its entire ownership in MBSS to PT Galley Adhika Arnawama (GAA).

Based on the conditional sale and purchase agreement, Indika Energy Infrastructure will sell all of its shares, which amount to 892.51 million shares in MBSS, or equivalent to 51 percent of MBSS' paid-in capital.

The agreed valuation for all shares in MBSS is equivalent to USD 81 million. Therefore, the estimated sales value of the proposed transaction is USD 41.31 million (approximately IDR 598 billion).

This transaction is expected to be completed in October 2021 with the fulfillment of several preliminary requirements as stipulated in the CSPA. Indika Energy Corporate Secretary Adi Pramono said, after the planned transaction was completed, MBSS was no longer a subsidiary of INDY.

"MBSS' performance is also no longer consolidated in Indika Energy's financial statements", he said.

Indika Energy's Deputy President Director and Group CEO Azis Armand added that the sale of INDY's stake in MBSS is part of the strategy as an energy company with a diversified business portfolio, where INDY will reduce its exposure in the coal business and increase its non-coal investment portfolio.

"INDY targets to achieve 50 percent of revenue from the non-coal sector by 2025. The sale of Indika Energy's shares in MBSS is the company's step to reduce exposure in the coal business", said Azis.