PT TBS Energi Utama Tbk (TOBA) has sold 90 percent of its coal mining business subsidiary shares.

TOBA has indirectly divested PT Toba Bara Energi (TBAE), a subsidiary of PT Minahasa Cahaya Lestari (MCL), to PT Kalibiru Sulawesi Abadi (KSA).

KSA is a company affiliated with Hilmi Panigoro and Benny Setiawan, who purchased two power plant assets from TOBA.

"We hereby announce that the MCL transaction has been completed based on the Share Transfer Deed dated March 5, 2025, which has been signed by TBAE as the Seller and KSA as the Buyer," wrote Alvin Firman Sunanda, Director of TBS Energi Utama, in a public disclosure on the Indonesia Stock Exchange (IDX) on Friday (March 7, 2025).

The divestment of the subsidiary was approved by TOBA's shareholders during the Independent Shareholders General Meeting held on November 14, 2024.

TOBA's management confirmed that this share transfer transaction will not negatively impact the company's operations, legal status, financial condition, or business continuity.

On Friday (March 7, 2025), TOBA's shares rose 1.14 percent to a price of IDR 354, with a transaction value reaching IDR 3.39 billion.

TOBA's trading volume reached 9.57 million shares, with 1,600 transactions. Over the past month, the shares of the company owned by Luhut Binsar Pandjaitan have decreased by 6.35 percent, and have corrected by 23.71 percent over the past three months.