JAKARTA. PT Indika Energy Tbk (INDY) has divested its portion in one of its subsidiaries, PT Trisetia Citagraha (TCG), and transferred it to PT Barito Pacific Lumber (BPL).

INDY and BPL reportedly signed a Conditional and Binding Shares Sale and Purchase Agreement on September 26, 2024. In said agreement, PT Indika Multi Properti (IMP) as the direct owner of TCG's shares, will divest 6,332 shares for a total of IDR 26.77 billion. 

The payment will be made in two stages. The first one, a payment of IDR 22.29 billion, has been made by BPL to IMP. The remaining amount will be paid in the next stage.

"After the transaction completion, TCG will no longer be a subsidiary of the company, and will not be consolidated into our financial report," said Adi Pramono, Corporate Secretary of INDY. 

Pramono further added that TCG shares divestment has aligned with INDY's business diversification strategy. "It is also to make sure that the company focuses on sustainable business activities," claimed Pramono. (KR/ZH)