Will Toba Bara Take Over Mitsui’s Shares in Paiton Energy?

PT Toba Bara Sejahtera Tbk reportedly intends to take over 45.5 percent of Mitsui & Co’s shares in PT Paiton Energy. The Japan-based manufacturing company plans to sell its shares in the Paiton coal-fired power plant (PLTU) operator. Toba Bara’s corporate secretary, Pingkan Ratna Melati, addressed the rumors by saying that the company considered Paiton Energy a good investment. “Paiton Energy’s good performance is, in principle, in line with the company’s assessment,” Pingkan revealed on Thursday (8/27).

Until now, Toba Bara is still reviewing the options they have as the 45.5 percent shareholder of Paiton Energy. She was reluctant to elaborate further on Toba Bara’s ongoing evaluation process. However, she ensured that the company would carry out any materialized transaction based on existing rules and regulations, including conveying it through the Indonesia Stock Exchange’s information disclosure. For the record, Toba Bara trades as TOBA on the Indonesia Stock Exchange (IDX).