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DISCLOSURE OF INFORMATION
IN RELATION TO AFFILIATED PARTY TRANSACTION
THIS DISCLOSURE OF INFORMATION IS MADE AND PROVIDED WITH REGARDS IN COMPLIANCE WITH
THE FINANCIAL SERVICE AUTHORITY REGULATION NO.42/POJK.04/2020 DATED 2 JULY 2020 ON
AFFILIATED PARTY TRANSACTION AND CONFLICT OF INTEREST ("POJK 42/2020").
THE INFORMATION AS STATED IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT TO BE READ
AND CONSIDERED BY THE SHAREHOLDERS OF THE COMPANY.
IF YOU FIND ANY DIFFICULTY TO UNDERSTAND THE INFORMATION AS STATED IN THIS DISCLOSURE
OF INFORMATION PLEASE CONSULT WITH YOUR LEGAL ADVISOR, PUBLIC ACCOUNTANT, FINANCIAL
ADVISOR OR OTHER PROFESSIONALS.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY, SEVERALLY
AND JOINTLY, ARE FULLY RESPONSIBLE FOR THE ACCURACY AND THE COMPLETENESS OF THE
INFORMATION AS STATED IN THIS DISCLOSURE OF INFORMATION. THE BOARD OF DIRECTORS AND
THE BOARD OF COMMISSIONERS DECLARE THAT THE INFORMATION STATED IN THIS DISCLOSURE
OF INFORMATION IS COMPLETE AND AFTER GIVING DUE AND CAREFUL EXAMINATION, EMPHASIZE
THAT THE INFORMATION STATED IN THIS DISCLOSURE OF INFORMATION IS CORRECT AND THAT
THERE ARE NO MATERIAL AND RELEVANT FACTS OMITTED TO BE DISCLOSED IN THIS DISCLOSURE
OF INFORMATION WHICH CAN CAUSE THE INFORMATION STATED HEREIN TO BE UNTRUE AND/OR
MISLEADING.
AFTER DUE CONSIDERATION, THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS OF THE
COMPANY, INDIVIDUALLY AND COLLECTIVELY, STATE THAT THIS TRANSACTION IS NOT CONSIDERED
AS CONFLICT OF INTEREST AS GOVERNED IN POJK 42/2020.
THE BOARD OF DIRECTORS OF THE COMPANY, INDIVIDUALLY OR COLLECTIVELY, STATES THAT THIS
AFFILIATED PARTY TRANSACTION HAS PASSED THE RELEVANT PROCEDURES TO ENSURE THAT THE
AFFILIATED PARTY TRANSACTION IS CONDUCTED IN ACCORDANCE WITH THE APPLICABLE
BUSINESS PRACTICE.
PT INDIKA ENERGY TBK.
Line of Business
Trading, Construction, Transportation, Warehousing and Storage, Real Estate, Mining and Excavation,
Procurement of Electricity, and Service
Domiciled in South Jakarta, DKI Jakarta, Indonesia
Office
Graha Mitra 11th Floor
Jl. Jend. Gatot Subroto Kav.21
Jakarta 12930, Indonesia
Telp. +6221 25579888 Fax. +6221 25579800
www.indikaenergy.co.id
email: corporate.secretary@indikaenergy.co.id
This Disclosure of Information was published in Jakarta on 2 July 2025
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DEFINITIONS AND ABBREVIATIONS
Affiliates are:
1. Family relationships due to marriage and lineage up to the second degree, both horizontally
and vertically;
2. Relationships between a party with their employees, directors, or commissioners of the relevant
party;
3. Relationships between 2 (two) companies where there are 1 (one) or more members of the
same Board of Directors or Board of Commissioners;
4. Relationships between a company and a party, whether directly or indirectly, controls or is
controlled by the company;
5. Relationships between 2 (two) companies that are controlled, either directly or indirectly, by the
same party; or
6. The relationship between the company and the majority shareholders.
Director means a member of the Board of Directors of the Company who is serving on the date of this
Disclosure of Information.
Group means Indika Energy Group, which includes the Company and its Affiliates.
Purchase Price means the price agreed by TIME and IEMS under the Agreement in the amount of
Rp31,000,000,000 (thirty-one billion Rupiah).
IEMS means PT Indika Empat Mitra Surya, an Affiliate of the Company receiving the transfer of rights
and obligations over the PLTS from TIME.
ITH means PT Indo Tenaga Hijau (now PT PLN Indonesia Geothermal), which has entered into the
Power Lease Agreement with TIME.
Disclosure of Information means this Disclosure of Information submitted to the Shareholders.
KJPP means the Public Appraisal Service Office of Syarif, Endang and Partners, which provides a fair
opinion on the Affiliate Transaction.
Commissioner means a member of the Board of Commissioners of the Company who is serving on
the date of this Disclosure of Information.
The Financial Statements of the Company means the Company’s Consolidated Financial Statements
as of 31 December 2024, which have been audited by a Public Accounting Firm Liana Ramon Xenia
and Partners.
Project Location means the four (4) locations of power generation units owned by PT Indonesia Power
where the PLTS project is implemented based on the Power Lease Agreement, namely:
(i) Bali;
(ii) Semarang;
(iii) Grati; and
(iv) Suralaya.
MOLHR means the Minister of Law and Human Rights of the Republic of Indonesia.
OJK means Financial Services Authority, an independent institution, which duties and authorities
covers regulatory, supervisory, inspection, and investigation within the sector of capital markets,
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insurance, pension funds, financial institution and other financial service bodies as stipulated in the Law
No. 21 of 2011 dated 22 November 2011 on Financial Services Authority (as the substitute body of
Bapepam-LK which came into effect since 31 December 2012).
Shareholders mean the shareholders of the Company whose names are registered in the shareholders
register of the Company.
Controller means a party who, either directly or indirectly:
a. Owns more than 50% (fifty percent) of the total fully paid shares with voting rights in a public
company; or
b. Has the ability to determine, either directly or indirectly, in any manner, the management and/or
policies of the public company.
Company means PT Indika Energy Tbk., domiciled at Graha Mitra, 11th Floor, Jl. Jend. Gatot Subroto
Kav. 21, South Jakarta 12930, a publicly listed limited liability company whose shares are listed on the
Indonesia Stock Exchange, established and operated under the laws of the Republic of Indonesia.
Agreement means the Conditional Sale and Purchase Agreement No. 25/IEMS/AGR/VI/2025 dated
30 June 2025, signed by TIME and IEMS.
Power Lease Agreement means the Agreement No. 005.PJ/01/ITH/2021 dated 14 October 2021
between TIME and ITH concerning the lease of solar power electricity at PT Indonesia Power’s power
plants, as most recently amended by Amendment II to the Agreement dated 11 December 2023.
PLTS means a rooftop solar power plant installation constructed and installed by TIME, located at the
electricity generation unit owned by PT Indonesia Power, including the equipment and related fixed
assets as specified in the Agreement.
POJK 42/2020 means OJK Regulation No. 42/POJK.04/2020 concerning Affiliated Party Transactions
and Conflict of Interest Transactions.
Rupiah or Rp means Rupiah.
TIME means PT Tripatra Multi Energi, an Affiliate of the Company that transfers the rights and
obligations over the PLTS to IEMS.
Transaction means the transaction described in the Introduction section as set forth in this Disclosure
of Information.
Affiliate Transaction means any activity and/or transaction conducted by a public company or its
controlled company with an Affiliate of the public company or an Affiliate of a member of the Board of
Directors, member of the Board of Commissioners, majority shareholder, or Controller, including any
activity and/or transaction conducted by the public company or its controlled company for the benefit of
an Affiliate of the public company or an Affiliate of a member of the Board of Directors, member of the
Board of Commissioners, majority shareholder, or Controller.
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RECITALS
In order to comply with the provisions of POJK 42/2020, the Board of Directors of the Company hereby
announces this Disclosure of Information to provide information to the Shareholders of the Company
that TIME and IEMS, as Affiliates of the Company, have signed a Conditional Sale and Purchase
Agreement on 30 June 2025 (the “Agreement”).
Based on the Agreement, TIME and IEMS have agreed that, subject to the fulfillment or waiver of the
conditions precedent as stipulated in the Agreement, TIME shall transfer to IEMS all of its rights,
ownership, obligations, risks, and interests in the PLTS, including related fixed assets and the rights,
obligations, and responsibilities attached to the Power Lease Agreement located at the Project Location
(the “Transaction”). The Transaction value is Rp31,000,000,000 (thirty-one billion Rupiah).
This Transaction constitutes an Affiliate Transaction as referred to in POJK 42/2020, in which there
exists a relationship between 2 (two) companies that are directly or indirectly controlled by the same
party, namely the Company. The Affiliate Transaction has undergone the procedures as stipulated in
Article 3 of POJK 42/2020 and has been carried out in accordance with generally accepted business
practices.
Pursuant to Article 4 paragraph (1) of POJK 42/2020, this Transaction is an Affiliate Transaction which
is subject to the requirement of engaging an independent appraiser to determine the fairness of the
Affiliate Transaction, the fairness of which must be disclosed to the public. This Transaction is not
included in the categories of exempted transactions as stipulated in Article 6 of OJK Regulation No.
42/2020 therefore, it remains mandatory to engage the services of an independent appraiser to
determine the fair value of the Affiliate Transaction object and/or the fairness of the Transaction.
Regarding the foregoing, the Company has obtained the fairness value of the Transaction based on the
Appraiser’s Report from KJPP No. 00015/2.0113-03/BS/10/0340/1/VI/2025 dated 30 June 2025
concerning Fairness Opinion Report on the Proposed Transfer of Solar Power Plant (PV) Contract (the
“Appraiser’s Report”).
Furthermore, the Company is also required to announce this Disclosure of Information to the public and
submit the Appraiser’s Report and other supporting documents to the OJK no later than 2 (two) business
days as of the date of the Transaction as referred to in Article 4 of POJK 42/2020.
DETAILS ON AFFILIATE TRANSACTION
1. BACKGROUND, REASONS AND BENEFITS OF THE TRANSACTION
TIME has signed a lease agreement with ITH, TIME provides a rental service for a solar power
plant located at the Project Location to ITH for a lease term of 15 (fifteen) years commencing
from the signing of the commencement minutes for each location.
This Transaction is carried out as part of the Group’s internal restructuring with the objective of
centralizing the management of assets and business activities of the Group related to
renewable energy, particularly solar power generation, to EMITS and its subsidiaries, including
IEMS. This restructuring step is part of the Group’s strategy to efficiently integrate the
management of renewable energy assets, enhance the Group’s business competitiveness, and
support the ongoing decarbonization programs in Indonesia’s commercial, industrial, and utility
sectors.
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Through this PLTS transfer, the Group is expected to achieve more optimal operational
efficiency by consolidating the management of the renewable energy business under EMITS
and its subsidiaries, including IEMS. In addition, the Transaction is intended to eliminate
intercompany costs within the Group, thereby improving consolidated profitability. Furthermore,
this restructuring will strengthen the Group’s capabilities in providing sustainable energy
solutions, in line with the Group’s commitment to energy transition and environmental
sustainability.
2. DATE OF AFFILIATE TRANSACTION
The Conditional Sale and Purchase Agreement between TIME and IEMS was signed on 30
June 2025.
3. OBJECT OF AFFILIATE TRANSACTION
The object of the Transaction is the transfer of all rights, ownership, obligations, risks, and
interests of TIME in the PLTS, including:
a. The PLTS with a minimum installed capacity of 2,916.54 kWp at the Project Location;
b. PLTS system equipment and fixed assets.
4. VALUE OF AFFILIATE TRANSACTION
The value of the Transaction is Rp31,000,000,000 (thirty-one billion Rupiah), which constitutes
the Purchase Price as agreed under the Agreement.
5. PARTIES TO THE AFFILIATE TRANSACTION
1. TIME as the Transferring Party
Brief Overview
PT Tripatra Multi Energi, domiciled in South Tangerang, is a limited liability company
established under the laws of the Republic of Indonesia pursuant to Deed of Establishment
No. 169 dated 29 October 2012 drawn up before Mellyani Noor Shandra, S.H., Notary in
Jakarta, as approved by MOLHR through Decree No. AHU-60338.AH.01.01.Tahun 2012
dated 27 November 2012 (“TIME’s Deed of Establishment”). The Articles of Association
contained in the TIME Deed of Establishment were most recently amended through Deed
of Statement of Circular Resolution of the Shareholders in lieu of the Extraordinary General
Meeting of Shareholder of TIME No. 44 dated 8 September 2021, made before Elizabeth
Karina Leonita, S.H., M.Kn., Notary in Bogor City at the time, and approved by MOLHR
through Decree No. AHU-0049060.AH.01.02.TAHUN 2021 dated 10 September 2021, and
recorded by MOLHR under Notification Receipt No. AHU-AH.01.03-0446969 dated 10
September 2021 (“TIME’s Articles of Association”).
Purpose and Objectives
In accordance with Article 3 of TIME’s Articles of Association, the purpose and objectives
of TIME are to engage in businesses including, but not limited to: (i) Electricity sector; (ii)
Management consulting activities; (iii) Installation of electrical systems, water (piping), and
other construction installations; and (iv) Rental and leasing activities without purchase
options of machinery, equipment, and other tangible goods.
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To achieve the above purpose and objectives, TIME may conduct, among others, the
following business activities: (i) Electricity Generation; (ii) Electrical Installation; (iii)
Operation of Electric Power Supply Installations; (iv) Other Supporting Activities in the
Electricity Sector; (v) Other Management Consultancy Activities; and (vi) Leasing and
Rental Activities Without Option Rights for Mining and Energy Machinery and Equipment.
Capitalization and Shareholding Structure
Based on TIME Articles of Association, the share capital and shareholding composition of
TIME are as follows:
Authorized Capital : Rp2,500,000,000,000
Issued Capital : Rp631,207,000,000
Paid-up Capital : Rp631,207,000,000
TIME’s authorized capital is divided into 2,500,000 (two million five hundred thousand)
shares with a nominal value of Rp1,000,000 (one million Rupiah) per share. The
composition of TIME’s shareholders is as follows:
Total Nominal
Number of Nominal per Value
Shareholder %
shares Share (Rp)
(Rp)
PT Indika Energy Tbk. 631,167 1,000,000 631,167,000,000 99.994
PT Indika Energy 40 1,000,000 40,000,000 0.006
Infrastructure
Total 631,207 1,000,000 631,207,000,000 100
Governance
Based on Deed of Statement of Circular Resolution of the Shareholders in Lieu of the
Annual General Meeting of Shareholders of TIME No. 68 dated 17 July 2024, made before
Elizabeth Karina Leonita, S.H., M.Kn., Notary in South Jakarta, and recorded by
Menkumham under Notification Receipt No. AHU-AH.01.09-0230122 dated 23 July 2024,
the current composition of the Board of Commissioners and the Board of Directors of TIME
is as follows:
Board of Commissioners
Commissioner : Kamen Kamenov Palatov
Board of Directors
Director : Joseph Pangalila
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2. IEMS as the Receiving Party
Brief Overview
IEMS, domiciled in South Jakarta, is a limited liability company established under the laws
of the Republic of Indonesia pursuant to Deed of Establishment No. 22 dated 30 March
2022, drawn up before Ungke Mulawanti, S.H., M.Kn., Notary in Bekasi Regency, and has
obtained approval from the MOLHR under Decree No. AHU-0022834.AH.01.01.TAHUN
2022 dated 30 March 2022 (“IEMS Deed of Establishment”).
Purpose and Objectives
Pursuant to Article 3 of the IEMS Deed of Establishment, the purpose and objectives of
IEMS are to engage in businesses activities in, among others, the following fields including:
(i) Leasing and Renting without Option Rights, Manpower Supply, Travel Agency, and
Other Business Support Services; (ii) Construction; and (iii) Wholesale and Retail Trade.
To achieve the purpose and objectives above, IEMS may engage in business activities,
but not limited to, the following: (i) Leasing and Renting without Option Rights of Mining
and Energy Machinery and Equipment; (ii) Electrical Installation; and (iii) Wholesale of
Machinery, Equipment, and Other Supplies.
Capitalization and Shareholding Structure
Based on the IEMS Deed of Establishment, the share capital and shareholding
composition of IEMS are as follows:
Authorized Capital : Rp40,000,000,000
Issued Capital : Rp10,000,000,000
Paid-up Capital : Rp10,000,000,000
The authorized capital of IEMS is divided into 40,000 (forty thousand) shares, each with a
nominal value of Rp1,000,000 (one million Rupiah). The composition of shareholders of
IEMS is as follows:
Total Nominal
Number of Nominal per Value
Shareholder Name %
shares Share (Rp)
(Rp)
PT Empat Mitra Indika 9,999 1,000,000 9,999,000,000 99.99
Tenaga Surya
PT Indika Tenaga 1 1,000,000 1,000,000 0.01
Baru
Total 10,000 1,000,000 10,000,000,000 100
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Governance
According to the IEMS Deed of Establishment, the current composition of the Board of
Commissioners and Board of Directors of IEMS is as follows:
Board of Commissioners
Commissioner : Kapil Kumar Dongle
Board of Directors
Director : Yovie Priadi
6. NATURE OF THE AFFILIATED RELATIONSHIP BETWEEN THE PARTIES TO THE
TRANSACTION
The nature of the affiliated relationship between TIME and IEMS is as follows:
a. TIME is a subsidiary in which 99.99% of the shares are owned, either directly or indirectly,
by the Company;
b. IEMS is a Company in which 51.005% of the shares are indirectly owned by the Company.
MATERIAL INFORMATION
IN CONNECTION WITH THE AFFILIATE TRANSACTION
1. Explanation, considerations, and rationale for the transaction
The execution of the Transaction is based on the Group’s strategic consideration to consolidate
and centralize all business activities related to renewable energy, particularly solar power
plants, under a single principal entity, EMITS, together with its subsidiaries, including IEMS.
The key consideration for carrying out this Transaction is to establish a more efficient and
integrated business structure, which is expected to enhance operational effectiveness and
leverage synergies among entities within the Group.
The rationale for the Transaction is to support the Group’s long-term strategy in strengthening
its competitive position in the renewable energy industry, accelerating decarbonization efforts,
and enhancing the Group’s ability to provide sustainable energy solutions for the commercial,
industrial, and utility sectors in Indonesia. Through this centralization, the Group can focus more
effectively on resource management and accelerate the growth of its sustainable business.
Through this PLTS transfer, the Group is expected to achieve more optimal operational
efficiency by consolidating the renewable energy business under EMITS and its subsidiaries
including IEMS. In addition, the Transaction is aimed at eliminating intercompany costs within
the Group, thereby increasing consolidated profitability. Furthermore, this PLTS transfer will
strengthen the Group’s capabilities in providing sustainable energy solutions, in line with the
Group’s commitment to energy transition and environmental sustainability.
2. Impact of the transaction on financial condition
a) Analysis of the Consolidated Financial Statements of the Company
The following is a brief analysis of the proforma financial condition on the Transaction of
the Company as of 31 December 2024:
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Consolidated Pro-forma Pro-forma
Financial Position Adjustments Consolidated
Before the (US$) Financial Position
Transaction After the
(US$) Transaction
(US$)
Current Assets 1,271,638,334 -164,279 1,271,474,055
Non-current Assets 1,691,125,475 -1,946,350 1,689,179,125
Total Assets 2,962,763,809 -2,110,629 2,960,653,180
Short-Term Liabilities 591,141,696 -1,027,695 590,114,001
Long-Term Liabilities 1,016,435,178 -1,054,663 1,015,380,515
Total Liabilities 1,607,576,874 -2,082,358 1,605,494,516
Total Equity 1,355,186,935 -28,271 1,355,158,664
Total Liabilities and 2,962,763,809 -2,110,629 2,960,653,180
Equity
Explanation of Pro-forma Adjustments:
The Company records on a pro forma basis that the Transaction occurred on 31 December
2024 and recognizes a loss on the disposal of the PLTS, primarily due to the impact of
foreign exchange differences between 31 December 2024 and the historical recognition
date of the PLTS. The Purchase Price proceeds were used by TIME to repay debt to EMITS
arising from the initial procurement of PLTS.
Pro-forma current assets decrease because the Purchase Price received is lower than the
amount applied to repay TIME’s debt to EMITS. Pro-forma non-current assets decline as
the Company transfers the PLTS, recorded as part of its fixed assets, to IEMS. Both pro-
forma current liabilities and non-current liabilities fall when TIME uses the proceeds to settle
its obligations to EMITS. Pro-forma total equity edges down slightly owing to the loss
recognised on the disposal of the PLTS, a loss driven mainly by foreign-exchange
differences, as noted earlier.
b) Analysis of the Impact on the Company’s Consolidated Financial Statements with and
without the Transaction
Contribution of Added Value to the Company’s Profitability (Net Profit Margin)
Year
Description
2025 2026 2027 2028 2029
Without Transaction (1) 0.380% 0.777% 4.301% 3.155% 4.701%
With Transaction (2) 0.380% 0.778% 4.302% 3.156% 4.703%
Value Added Contribution (2)-
(1) 0.000% 0.001% 0.001% 0.001% 0.001%
Year
Description
2030 2031 2032 2033 2034
Without Transaction (1) 4.036% 6.200% 9.232% 11.010% 10.679%
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Year
Description
2030 2031 2032 2033 2034
With Transaction (2) 4.037% 6.201% 9.233% 11.011% 10.681%
Value Added Contribution (2)-
(1) 0.001% 0.001% 0.001% 0.001% 0.001%
Average
Description Year 2025 - 2038
2035 2036 2037 2038
Without Transaction (1) 11.471% 8.677% 8.564% 12.643% 6.074%
With Transaction (2) 11.473% 8.679% 8.566% 12.645% 6.076%
Value Added Contribution (2)-
(1) 0.002% 0.002% 0.002% 0.002% 0.001%
The Company’s profitability, as measured by its net profit margin, improves after the
Transaction, primarily because several inter-company costs are eliminated.
3. Transaction Summary
Parties : 1. TIME as the Transferring Party
2. IEMS as the Receiving Party
(collectively referred to as the “Parties”).
Scope : The transfer of all its rights, ownership, obligations,
risks, and interests of TIME in the PLTS (with a total
installed capacity of approximately 2,916.54 KWp at
the Project Location), including equipment related fixed
assets, and the rights, obligations, and responsibilities
under the Power Lease Agreement to IEMS. The
Transaction shall be completed under a conditional
sale and purchase scheme, subject to the fulfillment of
conditions precedent, including the written approval
from the PLN, and the execution of the relevant
novation and termination documents.
Transaction Value : The Purchase Price is set at Rp31,000,000,000 (thirty-
one billion Rupiah), payable by IEMS into TIME’s
designated account on the completion date as referred
to under the Agreement.
Governing Law : The Agreement is governed by and shall be construed
in accordance with the laws of the Republic of
Indonesia.
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SUMMARY OF APPRAISAL REPORT
ON THE FAIRNESS OF TRANSACTION OBJECT
1. Appraiser Identity
KJPP is an officially licensed Public Appraisal Services Office (Kantor Jasa Penilai Publik) that
holds a business license issued by the Ministry of Finance of the Republic of Indonesia,
pursuant to Decree of the Minister of Finance of the Republic of Indonesia No. 1498/KM.1/2012
dated December 28, 2012. It possesses a Public Appraisal Services Office Business License
(SIUKJPP) No. 2.12.0113 and a Public Appraiser License No. B-1.12.00340. Furthermore,
KJPP is registered with the OJK under the Certificate of Registration for Capital Market
Supporting Professionals No. STTD.PB-08/PJ-1/PM.02/2023, which has independently
prepared a Fairness Opinion Report in relation to the Transaction, as set forth in its report No.
00015/2.0113-03/BS/10/0340/1/VI/2025 dated 30 June 2025, with a summary provided below.
2. Summary of Valuation
a. Party
The parties conducting the Transaction are TIME and IEMS, with IEMS acting as the
contract transferee and TIME as the contract transferor.
b. Object of Fairness Opinion
The object of the fairness analysis is the Transaction involving the transfer by TIME to IEMS
of all rights, ownership, obligations, risks, and interests in the PLTS, including the
equipment and related fixed assets, as well as the rights, obligations, and liabilities under
the Power Lease Agreement, whereby both TIME and IEMS are Affiliates of the Company.
c. Purpose and Objective of the Fairness Opinion
The appraisal conducted by KJPP is intended to provide an independent valuation in the
form of a fairness opinion on the Transaction, in order to comply with OJK regulations in
the capital market sector, including but not limited to POJK 42/2020.
d. Valuation Date
The valuation is conducted as per 31 December 2024.
e. Assumptions and Limiting Conditions
(i) The Appraiser’s Report constitutes a non-disclaimer opinion;
(ii) KJPP has reviewed all documents used in preparing the fairness opinion;
(iii) In compiling the Appraiser’s Report, KJPP relied on the accuracy and completeness
of information supplied by the Company, as well as data obtained from publicly
available sources and other information and research that KJPP deemed relevant;
(iv) KJPP used financial projections before and after the proposed Transaction, together
with the pro-forma financial statements provided by the Company, to reflect the
reasonableness of the projections and their achievability (fiduciary duty);
(v) KJPP is responsible for conducting the valuation and for the reasonableness of the
adjusted financial projections;
(vi) The resulting Appraiser’s Report is publicly accessible, except for any confidential
information that could affect the Company’s operations;
(vii) KJPP bears full responsibility for the fairness opinion and the conclusions reached;
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and
(viii) KJPP has obtained information regarding the legal status of the object of fairness
opinion from the client.
f. Approach and Procedure of Fairness Opinion
In accordance with the valuation scope, the approaches and methods applied are:
(i) Transaction analysis;
(ii) Qualitative and quantitative analysis of the proposed Transaction;
(iii) Fairness analysis of the Transaction value; and
(iv) Analysis of other relevant factors.
g. Fairness Analysis
Based on the results of the valuation conducted, the indicated Fair Market Value of the
PLTS as of December 31, 2024, is Rp31,063,364,000 (thirty-one billion sixty-three million
three hundred sixty-four thousand Rupiah).
With the proposed Transaction valued at Rp31,000,000,000 (thirty-one billion Rupiah), the
amount is 0.20% lower than the indicated market value. Accordingly, the proposed
Transaction remains within the range that does not exceed 7.5% of either the upper or
lower limits of the market value, so the value agreed upon by the parties in the Agreement
is deemed fair.
h. Conclusion
Based on the fairness analysis of the proposed Transaction as set forth in Valuation
Report No. 00015/2.0113-03/BS/10/0340/1/VI/2025 dated 30 June 2025, KJPP is of the
opinion that the proposed Transaction is FAIR.
ADDITIONAL INFORMATION
If you need further information, please contact the Company at the following address:
PT Indika Energy Tbk.
Graha Mitra 11th Floor
Jl. Jend. Gatot Subroto Kav.21
Jakarta 12930, Indonesia
Phone. +6221 25579888 Fax. +6221 25579800
corporate.secretary@indikaenergy.co.id
www.indikaenergy.co.id
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Names mentioned 20 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Indo Tenaga Hijau
p.2
unresolved
org
PT PLN Indonesia Geothermal
p.2
unresolved
org
Minister of Law and Human Rights
p.2
unresolved
org
Financial Services Authority
p.2 ×2
unresolved
org
Bapepam-LK
p.3 ×2
unresolved
org
Indonesia Stock Exchange
p.3
unresolved
org
PT Indonesia Power’s
p.3
unresolved
org
PT Tripatra Multi Energi
p.3 ×2
unresolved
org
KJPP
p.4
unresolved
person
Mellyani Noor Shandra
· Notaris
p.5
unresolved
person
Elizabeth Karina Leonita
· Notaris
p.5 ×3
unresolved
person
Ungke Mulawanti
· Notaris
p.7
unresolved
org
PT Empat Mitra Indika
p.7
unresolved
org
PT Indika Tenaga
p.7
unresolved
org
Ministry of Finance
p.11
unresolved
org
Minister of Finance
p.11
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
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confidence 0.091
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12 Sep 2026 22:37
Raw output
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'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}