JAKARTA - PT Rukun Raharja Tbk (RAJA) is set to sell an additional 5.34% stake in PT Raharja Energi Cepu Tbk (RATU) , part of a total target divestment of 10%. The first phase of the RATU share divestment, amounting to 4.66%, took place last week (6/3).

In a disclosure, as quoted on Wednesday (12/3), Yuni Pattinasarani, RAJA’s Corporate Secretary, stated that the gradual divestment of 10% of RATU shares was agreed on January 10, 2025. "In the first phase, the company has sold 4.66% of RATU shares," she said.

During the divestment of 126.52 million RATU shares, the company set a price of IDR 1,175 per share. Based on this, RAJA raised IDR 148.66 billion from the transaction.

According to Yuni, the proceeds will be used for both organic and inorganic business expansion in high-growth sectors.

The funds will also strengthen working capital to ensure the company’s operational sustainability and liquidity in executing projects, while also being allocated for strategic investments aligned with its long-term business roadmap.

"The use of these funds is designed to provide added value for shareholders and accelerate the company’s business growth," she said. (LK/ZH)