JAKARTA – PT TBS Energi Utama Tbk (TOBA) has divested the majority of its shares in PT Minahasa Cahaya Lestari (MCL), the operator of the Sulut-3 coal-fired power plant (PLTU).

TOBA previously controlled 90% of MCL shares through its subsidiary, PT Toba Bara Energi (TBA). In October 2024, the company, with a market capitalisation of IDR 2.89 trillion, announced plans to divest MCL shares as part of a debt restructuring effort.

PT Kalibiru Sulawesi Abadi (KSA), the buyer in this transaction, agreed to purchase MCL shares from TBA for USD 93.6 million.

“We hereby announce that the [MCL divestment] transaction has been completed,” said Alfin Firman Sunanda, Director of TOBA, in a written statement a few days ago.

TOBA’s management clarified that this divestment does not fall under the category of an affiliated transaction.

According to IDNFinancials.com, KSA is a company affiliated with Hilmi Panigoro and Benny Setiawan. These two businessmen had previously acquired other TOBA-owned coal power plant assets. (KR/ZH)