PT Pertamina Geothermal Energy Tbk. Goes Public in February 2023
PT Pertamina Geothermal Energy Tbk. Goes Public in February 2023
Dear Esteemed investors,
PT Pertamina Geothermal Energy Tbk. (PGE), one of PT Pertamina (Persero) affiliate entity under Sub Holding New Renewable Energy (Pertamina Power Indonesia) engaged in geothermal exploration, exploitation, and production, has officially went public as of February 1st, 2023. This step has been one of Pertamina Unlock Value activity through launching an Initial Public Offering (IPO).
A maximum of 10,350,000,000 ordinary shares on behalf of which represents a maximum of of 25% of the issued and paid up capital of the Company after the IPO issued by PGE in the IPO of Shares (Offered Shares), and offered to the Public at an Offering Price ranging from IDR 820,- to IDR 945,- per share. PGE will allocate a maximum of 1.50% of the issued and fully paid capital after the IPO Shares or a maximum of 630,398,000 shares for Management and Employee Stock Option Program (MESOP).
The timeline for PGE IPO is as follows:
Public Expose : February 1st, 2023
Initial Offer Period : Feb 1st to Feb 9th, 2023
Effective Date : February 16th, 2023
IPO Period : Feb 20th to Feb 22nd, 2023
Allotment Date : 22 February 2023
Distribution : 23 February 2023
Securities Listing on the Indonesia Stock Exchange : 24 February 2023
According to PGE President Director, Ahmad Yunianto, PGE has a big role for both Pertamina and Indonesia. PGE currently manages 13 Geothermal Working Areas (WKP) spread across Indonesia 6 areas with installed capacity of 672 MW which are self-operated and as many 1,205 MW is managed through a Joint Operation Contract (JOC).
Installed geothermal capacity in the PGE working area contributes around 82% of the total geothermal installed capacity in Indonesia, with emission potential CO2 avoidance is around 9.7 million tons of CO2 per year. Utilization by PGE from geothermal energy has succeeded in making 2,085,000 homes in Indonesia electrified.
In addition to obtaining sources of funding from the public, this IPO is also expected to be able to realize corporate transparency. Moreover, IPO PGE will later optimize existing assets from the installed capacity of the development of several geothermal working area projects that are already in operation. Pertamina Geothermal Energy also has the ambition to increase the capacity base installed from 672 MW at present to 1,272 MW in 2027. This step is in line with the mission of becoming a leading environmentally friendly energy company.
Furthermore, we encourage you to visit the Pertamina website to have our latest news and Investor information: https://www.pertamina.com/en/Investor-relations or https://www.pge.pertamina.com
We sincerely appreciate your continued interest in Pertamina. If you have any questions, please do not hesitate to contact Pertamina Investor Relations Team.
Best regards,
Pertamina Investor Relations