JAKARTA. PT Pertamina Geothermal Energy Tbk (PGEO), a subsidiary of PT Pertamina (Persero) engages in the geothermal power plant business, will initiate its Management and Employee Stock Option Program (MESOP) Phase I worth IDR 163.3 billion.

The number of PGEO’s shares that will be allocated to the management and employee reaches 252.15 billion shares, with the face value set to IDR 648 per share.

Julfi Hadi, President Director of PGEO, mentioned that this corporate action is a way to promote the company to become a world-class green company. In order to achieve said mission, Hadi said, it takes a joint effort from all parties, including the employee and the board of management.

“MESOP becomes one of the company’s commitments to enhance the sense of belongingness of the employees toward the company. Thus, together, we can attain the best performance of the company sustainably,” added Hadi in the official statement.

Last year, PGEO had allocated 1.50% of its issued and paid-up capital post-IPO for the stock option programme for its management and employees. The number of allocated shares at that time is equal to 630,39 million.

According to IDNFinancials data, as of now, PT Pertamina Power Indonesia has a claim over 69.01% of PGEO. Masdar Indonesia Solar Holdings RSC Limited controls another 15%, followed by PT Pertamina Pedeve Indonesia of 5.99%, and retail investors of the remaining 10%. (KR/ZH)