Luhut Company Releases Its Shares In PLTU Paiton To Entity Owned By Conglomerate Arifin Panigoro

Illustration. (Photo: Doc. Medco Energi)

JAKARTA - A coal mining company, PT TBS Energi Utama Tbk (TOBA) has released its share ownership in PLTU Paiton to a company owned by conglomerate Arifin Panigoro, PT Medco Energi Internasional Tbk (MEDC) for U68.87 million or equivalent to Rp.998.6 billion.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, August 24, the management of TBS Energi Utama said that on August 19, 2021, TOBA's subsidiary, PT Batu Hitam Perkasa (BHP) signed a share transfer agreement. BHP owns 5 percent of PT Paiton Energy.

"Acting as the buyer is PT Medco Daya Energi Sentosa (MDES). BHP itself is 100 percent owned by TOBA," explained TOBA management.

BHP will sell 2,124 shares in Paiton Energy or the equivalent of 5 percent, and 250,050 shares or the equivalent of 5 percent of Minejesa Capital BV's shares. The total transaction value reached 68,869,755.41 US dollars or rounded up to 68.87 million US dollars. With an estimated exchange rate of Rp. 14,500 per US dollar, the number of transactions is equivalent to Rp. 998.6 billion.

This amount covers 23.67 percent of TOBA's total equity in 2020 amounting to 290.91 million US dollars. The implementation of the BHP Share Transfer Transaction is one part of TOBA's plan to develop renewable energy resources and reduce carbon footprint.

In addition, the implementation of the BHP Share Transfer Transaction was also carried out in order to strengthen TOBA's financial condition.

"From a strategic point of view, TOBA sees the implementation of this BHP Share Transfer Transaction as having good economic value for BHP and the Company," added TOBA management.

The implementation of this BHP Share Transfer Transaction does not affect TOBA's current operational activities and in the long term will strengthen the financial condition.