According to the statement made with the Financial Services Authority (OJK), KSA has two shareholders, PT Kalibiru Daya Abadi and PT Kalibiru Energi Lestari, and KSA is chaired by director Benny Setiawan and commissioner Hannibal Sjamsoe.

According to a separate information release to shareholders filed on December 12, 2023, Benny and Hannibal are also directors of PT Medco Abadi Lestari, which controls a 51.5 percent majority stake in publicly traded MedcoEnergi.

MedcoEnergi did not immediately respond to a request for comment.

Also read: Indonesia to abandon 23% renewable energy target

Publicly traded TBS, trading under the ticker symbol TOBA, will get US$144.8 million from the divestment, according to its director Juli Oktarina, the fund it plans to use for renewable energy, electric vehicle and waste management projects.

Every Monday

With exclusive interviews and in-depth coverage of the region’s most pressing business issues, “Potentials” is the go-to resource for staying ahead in Indonesia’s rapidly evolving business environment.

for signing up to our newsletter!

Please check your email for your newsletter subscription.

View More Newsletters

The two divested facilities are located on the island of Sulawesi and are operated by the company’s subsidiaries PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP).