JAKARTA. PT Sumber Energi Andalan Tbk (ITMA), a mining and energy company, previously known as Itama Ranoraya, has acquired 25% of PT Oksigen Natural Esa (ONE) from 1st Finansial Company Limited (FFCL).

Said transaction is carried out according to the Transfer Depository Deed of ONE’s shares dated March 28, 2024, which had been signed by PT Andalan Group Power (AGP) as the buying party and FFCL as the selling party. The transaction value is projected to reach IDR 4.6 billion, according to the report of public appraisal service office.

It is worth mentioning that AGP is a company listed under ITMA, with stock ownership of 99%. The management of ITMA said that AGP and ONE are affiliated through the same shareholder and management structure.

For the record, ITMA has acquired 30% of shares of PT Mitratama Perkasa, an integrated mining infrastructure service provider. With the ever-increasing demand for energy, the company deems necessary to expand its business to power plant business.

As of now, ONE owns and operates 3 units of coal-powered Steam Engine Power Plant (lit. Pembangkit Listrik Tenaga Uap/PLTU), albeit indirectly, through PT Citra Kusuma Perdana (CKP). These three power plants have capacity of 18 megawatt (MW) each, and have secured long-term contracts with PT Kaltim Prima Coal.

“Therefore, based on ITMA’s consolidated financial report, ITMA’s net profit is projected to increase due to additional shares of net profit from PT Oksigen Natural Esa,” added the management of ITMA in its official statement. (KR/ZH)