JAKARTA – Shares of PT TBS Energi Utama Tbk (TOBA) surged significantly in early trading today, Monday (24/2), following the news of Pandu Sjahrir’s appointment to the executive team of the Indonesia Sovereign Wealth Fund, Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara).

The rise in TOBA's shares was triggered by the announcement that Pandu Patria Sjahrir, Vice President Director of TOBA, has been appointed as one of the executives at BPI Danantara. The induction ceremony was led by President Prabowo Subianto at 10 AM WIB.

Pandu is reportedly filling the position of Chief Investment Officer (CIO) at BPI Danantara, while the role of Chief Operating Officer (COO) has been entrusted to Doni Oskaria, who currently serves as Deputy Minister of State-Owned Enterprises (BUMN).

According to data from the Indonesia Stock Exchange (IDX), TOBA’s shares rose 44 points or 9.46% to IDR 486 per share in early trading. Throughout the opening session, the stock fluctuated between IDR 454 and IDR 494 per share.

Year-to-date (YTD), TOBA's shares have increased by 30.64% from the closing price of IDR 372 at the end of 2024. Notably, TOBA’s all-time high share price was achieved on 24 January 2025 at IDR 1,800 per share. (EF/ZH)