Indika Energy Owned By Conglomerate Agus Lasmono Sudwikatmono Completes Sale Of IDR 590 Billion From The Sale Of Shares In Mitrabahtera

Illustration. (Photo: PT Mitrabahtera Segara Sejati Tbk)

JAKARTA - PT Indika Energy Tbk (INDY) through its subsidiary, PT Indika Energy Infrastructure, has completed the sale transaction of 51 percent of shares in PT Mitrabahtera Segara Sejati Tbk (MBSS). The transaction value reached 41.31 million US dollars or around IDR 590 billion.

Indika Energy's Deputy President Director and Group CEO, Azis Armand, in his official statement, quoted Tuesday, October 12, said the divestment of share ownership in MBSS is part of the strategy of the company owned by conglomerate Agus Lasmono Sudwikatmono as an energy issuer with a diversified portfolio.

The Company is committed to reducing its exposure in the coal business and increasing its investment portfolio in the non-coal sector. Going forward, Indika Energy targets to achieve 50 percent of revenue from the non-coal sector by 2025 and carbon neutral by 2050.

With the completion of this transaction, MBSS is no longer a subsidiary of Indika Energy and is no longer consolidated into Indika Energy's financial statements.

"The company also assesses that there is no significant impact on the operational side because MBSS will continue the ongoing contract with the company", said Azis.

He added Indika Energy continues to review the company's strategic steps to realize its business and sustainability targets. The sale of Indika Energy's shares in MBSS is one of the company's real steps to reduce exposure in the coal business.

Azis emphasized that Indika Energy will continue to prioritize the sustainability aspect, and will focus on diversifying beyond its core sectors in energy and mining.

"This is in line with Indika Energy's goal to energize Indonesia for a sustainable future", concluded Azis.