TBS Energi Utama Tbk (TOBA) has divested its asset in the form of steam power plant (PLTU) with total capacity of 200 MW operated by two of its subsidiaries, PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP).
The divestment from two of its subsidiaries is a part of TOBA’s commitment in reaching carbon neutrality target by 2030 though TBS 2030 initiative.
“The proceeds of this transaction will be allocated to investments in sustainability sector, enhancement of capital structure of the company, and the plan of shares buyback intended to provide added value to shareholders,” explained Juli Oktarina, Director of TOBA, in the official statement.
For the record, both PLTU only took up USD 87.4 million worth of investment during their constructions.
Prior to this, in 2021, TOBA had divested its indirectly-owned portion in PT Paiton Energi, one of independent power generator operating in Indonesia. This divestment had granted TOBA profit of over USD 100 million. (KR/ZH)