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20241007_TOBA_Laporan Informasi dan Fakta Material_31733414_lamp1.pdf
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Press Release
For Immediate Release
PT TBS Energi Utama Tbk Divests Entire Shares in PT Minahasa Cahaya Lestari (MCL) and PT
Gorontalo Listrik Perdana (GLP) as Part of TBS 2030’s Commitment to Carbon Neutrality
• The USD 144.8 million share sale supports the Company’s cash flow and generates a cash profit
compared to the USD 87.4 million capital invested. Proceeds from the transaction will be allocated
to sustainable business investments, capital structure improvements, and a share buyback plan,
in line with TBS 2030’s carbon neutrality target.
• The transaction is projected to reduce the Company’s carbon emissions by over 80%, amounting
to approximately 1.3 million tonnes of CO2 equivalent (tCO2e) per year.
• The transaction will create value by deleveraging by more than 70% on a consolidated basis,
increasing the Company’s flexibility to make larger investments in sustainable businesses,
enhancing access to more diverse financing sources, and obtaining more competitive funding
costs.
Jakarta, October 7, 2024 – PT TBS Energi Utama Tbk (IDX: TOBA) (“TBS” or “the Company”) today
announced that it has agreed to divest its two coal-fired power plant assets with a total capacity
of 200MW through the sale of all of the Company’s shares, directly and indirectly, in PT Minahasa
Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP). This transaction aligns with the
Company’s commitment to achieving its carbon neutrality target by 2030 through the TBS 2030
initiative.
The proceeds from the share sale amounts to approximately USD 144.8 million, which will
positively impact the Company’s cash flow. The Company will receive sale proceeds in cash, which
is higher than the total capital invested in the construction of the two power plants of
approximately USD 87.4 million. Through this transaction, the Company will generate cash
profits, in addition to the dividends that have been received during the operation of the power
plants.
However, from a financial accounting perspective, the transaction will record a non-cash loss of
approximately USD 77 million. This is due to the Indonesian Financial Accounting Standards
(PSAK), which require an Independent Power Producer (IPP) using Build Own Operate Transfer
(BOOT) scheme to recognize upfront asset value derived from construction income for power
plants and transmission income contracted over the period of the Power Purchase Agreement
(PPA) (25 years). Therefore, the book value of the assets at the time of the transaction completion
includes future income that has not yet been billed to PLN.
Juli Oktarina, Director of PT TBS Energi Utama Tbk, stated, “This sale is part of our strategy to
accelerate the Company’s transition toward sustainable business and supports our goal of
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achieving carbon neutrality by 2030. The proceeds from this transaction will be allocated to investments in sustainable sectors, strengthening the Company’s capital structure, and the planned share buyback program aimed at delivering greater value to our shareholders.” The execution of this transaction not only accelerates the Company’s progress in achieving its TBS 2030 sustainability commitments – “Towards a Better Society 2030” – but will also help create added value by reducing consolidated debt by more than 70%, thereby increasing the Company’s flexibility to make larger investments in sustainable sectors such as renewable energy, electric vehicle ecosystems, and waste management. This step will also enhance the Company’s access to more diverse financing sources, obtain competitive funding costs, and is ultimately expected to increase shareholder value. The transaction is projected to reduce the Company’s carbon emissions by over 80%, or approximately 1.3 million tonnes of CO2 equivalent (tCO2e) per year, based on calculations using the GHG Protocol methodology and validated through preassurance stages by an external auditor. This decisive action strengthens the Company’s commitment to global climate targets and underscores its long-term dedication to environmental responsibility. Juli further emphasized, “This transaction will also position the Company as a pioneer and one of the few leading companies in Indonesia that has demonstrated a commitment to achieving carbon neutrality. Along with the divestment of the Company’s indirect stake in PT Paiton Energy in 2021, this transaction will generate over USD 100 million in profits, which have been and will continue to be reinvested in sustainable business development.” ABOUT TBS PT TBS Energi Utama Tbk (IDX: TOBA) is a publicly listed integrated energy company leading the transition in Indonesia’s energy sector through sustainable development. With a diverse business portfolio that includes coal mining and trading, power generation, plantations, electric vehicles, renewable energy, and waste management, TBS is dedicated to reducing its carbon footprint and promoting environmental sustainability from low-carbon growth. Operating across multiple sites in Singapore and Indonesia, including North Sulawesi, Gorontalo, East Kalimantan, Batam, Lampung and Central Java, TBS employs over 2,000 people who are integral to its mission of sustainable growth and innovation. The company’s strategic focus Towards a Better Society 2030 (TBS2030) emphasizes its commitment to achieving carbon neutrality by 2030, in alignment with Indonesia’s Net Zero Carbon 2060 goals. Through continuous innovation and a commitment to responsible growth, TBS aims to create a positive impact on communities and contribute to a greener, more sustainable future.
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For more information about our green business journey, visit www.tbsenergi.com
For further information, please contact:
PT TBS Energi Utama Tbk
Mufti Utomo Mirza Hippy Pingkan Ratna Melati
Director SVP Corporate Finance & SVP Legal & Corporate
Investor Relations Secretary
Email:
ir@tbsenergi.com
corsec@tbsenergi.com
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PT Minahasa Cahaya Lestari
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PT Gorontalo Listrik Perdana
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PT Paiton Energy
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SVP Corporate Finance
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