PT Bukit Asam (Persero) Tbk

PT Bukit Asam Tbk. (PTBA) is a state-owned company that aims to develop the national mining industry, particularly coal mining. Founded in 1981, the company is one of the five largest coal producers in Indonesia with its domestic sales rank second. Almost a quarter (22%) of its production is exported to the international markets, including Japan, Taiwan, Malaysia, Pakistan, Spain, France and Germany. With mineable reserves of approximately 7.3 billion tons or 17% of the total coal reserves in Indonesia, PTBA strives to become a competitive energy company. This vision has been manifested by the establishment of PT Bukit Pembangkit Innovatif, a sister company of PTBA, to operate mine mouth steam power plant in Banjarsari with 2x100 MW capacity. As of December 23, 2002 PTBA became a public company by listing on the Jakarta and Surabaya stock exchanges. The public holds 34.98% of the shares and the state owns the remaining 65.02%.On November 29, 2017 became a historical record for PTBA when organizing an Extraordinary General Meeting of Shareholders. The main agenda of PTBA includes three points. Approval of the change of company’s articles of association related change of the company’s status from “persero” to “non-persero” related with government regulation 47/2017 concern the increase of Indonesia Republic’s equity participation into PT Inalum (Persero), stock split nominal of share, and change the company’s board of directors. With the change of ownership of the Republic Indonesia to PT Inalum (persero), those three companies are officialy become the holding member of Mining State – Owned Enterprise (BUMN), with inalum as its head.PTBA has completed the stock split during the initial trading at Indonesia Stock Exchange, on December 14, 2017. The 1:5 stock split ratio was according to the decision of the Extraordinary General Meeting of Shareholders conducted on November 29, 2017. This corporate action was taken to increase the share trading liquidity on IDX and to expand the distribution of share ownership by reaching various layer of investors. The strong commitment from Bukit Asam to improve the performance is a fundamental factor of the corporate action.