JAKARTA. The plan of PT TBS Energi Utama Tbk (TOBA) to divest its subsidiaries, PT Gorontalo Listrik Perdana (GLP) and PT Minahasa Cahaya Lestari (MCL), triggers positive response from foreign investors.

On November 19, 2024, TOBA recently obtained approval from shareholders to transfer its portion in GLP and MCL to PT Kalibiru Sulawesi Abadi. This transaction is projected to bring in fresh funds of USD 144 million or over 50% of TOBA’s equity.

This extra fund thus lowers consolidated liabilities of the company by up to 70%. With this liabilities’ reduction, the company is confident about leveraging its financial flexibility, thus advancing its investment in new and renewable energy sector.

According to IDNFinancials data, the shares’ acquisition of TOBA by foreign investors, or foreign buy, was cumulatively reported at 63.27 million. With accumulated foreign sell of 36.89 million, net buy reached 26.83 million shares.

Meanwhile, last Monday (25/11), foreign investors seemingly accumulated TOBA’s shares they bought last week, as indicated in net foreign sell of 2.48 million shares.

Last Tuesday (26/11), however, foreign investors recorded net buy of 2.87 million shares in TOBA.

Within the past 5 trading days, TOBA’s price was seen weakening 43 points or 8.51% to IDR 462 per share. However, since the beginning of this year, its price has actually increased by 148 points or 47.13%. (KR/ZH)