JAKARTA. PT TBS Energi Utama Tbk (TOBA) has acquired 523,703 shares of Solar United Network Pte Ltd (SUN) for a total transaction worth USD 8 million.
Dicky Yordan, President Director of TOBA, stated that the acquisition was made through one of TOBA’s subsidiaries, PT Toba Bara Energi (TBE). In the information disclosure in Indonesia Stock Exchange (IDX) earlier today (2/12), Yordan claimed that this acquisition is a part of the company’s business development strategies to attain its target of Net Zero Emission by 2030.
“The fund raised from the issuance of shares would be utilised to expand SUN’s business in the renewable energy sector,” Yordan continued.
Yordan also asserted that TOBA had no prior affiliations with SUN during the acquisition. He further expressed his optimism in this corporate action to strengthen the company’s financial condition and provide additional income sources in the future.
Based on idnfinancials.com data, TBE is a company focusing on the electricity investment business, established in 2018. As of September 2021, TBE has total assets of USD 329.88 million. (KR/ZH)