Coal issuer PT TBS Energi Utama Tbk. (TOBA) announced an affiliated transaction, disbursing funds to its subsidiary in the amount of IDR 19.06 billion. Based on information disclosure on the Indonesian Stock Exchange (IDX) TOBA's subsidiary, PT Toba Bumi Energi (TBUE), has increased its issued and paid-up capital which will be taken over entirely by the company. TOBA Director Alvin Sunanda said, on 9 February 2023, TBUE made a capital increase of IDR 19.06 billion, which was carried out by issuing new shares in a portfolio of 3,812 shares, each worth IDR 5 million.
"All of the new shares were taken up by TOBA so that in the future TBUE's issued and paid-up capital will be 32,814 shares or a value of IDR 164.07 billion," he explained in an information disclosure, Monday (13/2/2023). This transaction is an affiliate transaction because TOBA owns 99.99 percent of TBUE's shares. Meanwhile, the purpose of this affiliate transaction is to provide financial support to TBUE to support the implementation of TBUE's business plan until TBUE can generate its own income. "Currently there is still no other alternative to conduct transactions with other parties besides shareholders to achieve TBUE's business objectives," said Alvin.
For information, TBUE is engaged in coal mining investment which was established in 2007 and is domiciled in East Kalimantan. Previously, TOBA also injected capital into its subsidiary PT Energi Baru TBS (EBT) to increase its capital of IDR 125.241 billion by issuing 125,241 new shares worth IDR 1 million per share, bringing the total to 270,602 shares or IDR 270.602 billion. In addition, EBT also took new shares issued by its subsidiary, PT Karya Baru TBS (KBT), which increased its authorized capital by 98,968,570 shares or a value of IDR 98.96 billion and increased issued and paid-up capital by 35,775,000 shares with a value of IDR 1,000 per share or a total value of IDR 35.77 billion. However, EBT only deposited IDR 35.77 billion or 35,775,000 shares. With this transaction, the portion of KBT's shareholder becomes PT Toba Bara Energi 51.96 percent, EBT 48.03 percent, and TOBA 0.000001 percent.
