• PGEO allocates USD 300M capex budget in 2025
Pertamina Geothermal Energy (PGEO) is preparing a capex budget of around USD 300M for
strategic project development this year. The company is pursuing a capacity increase of 1
gigawatt (GW) this year. Recently, PGEO reached an important stage for the EPCC PLTP
Lumut Balai Unit 2 project, where the turbine generators and other main equipment had
arrived at the location or on base. Apart from that, acceleration of the steam blowing process
from the Fluid Collection and Reinjection System (FCRS) line in Cluster A to the rock muffler
has been carried out to ensure steam availability. In 5 years, PGEO’s installed capacity is
predicted to reach 1.2 GW. This target is predicted to require an investment of up to USD
900M, which is planned to be financed through the remaining funds from the initial public
offering (IPO), credit facilities, internal cash, and bond issuance. (Bisnis Indonesia)
• STTP targets to export its products to the US market
Siantar Top (STTP) is preparing to expand its distribution network to the United States. STTP
President Director, Armin, explained that the company will expand its distribution reach to
the United States via Canada. The company collaborates with several distributors in Asia and
the Middle East to implement this strategy. Entering the export market has its own
difficulties. However, STTP also noted that sales growth in the domestic market has slowed
somewhat, with only 1% growth in 3Q24. Meanwhile, the export market could record growth
of up to 11%. Looking at this strategy, STTP sees that the planned performance growth in 2025
is not much different from 2024, which is expected to be in the range of 5% from the doubledigit
target set previously. Domestic political conditions such as elections and local elections
which have taken place throughout 2024 and weakening purchasing power are one of the
causes of slowing company performance. Thus, the company is still setting a double-digit
target in 2025 and will continue to carry out the work programs that occurred in 2024 while
continuing to monitor the political situation at both the global and national levels. (Kontan)
• UNTR injects IDR 176.17B to its subsidiary
United Tractors (UNTR) injected capital of IDR 176.17B into Bina Pertiwi Energi (BPE). This is
done through a subsidiary, namely Energia Prima Nusantara (EPN). BPE’s capital
strengthening was completed on 31 Dec 24. The capital increase was carried out by EPN by
taking part in all the new shares issued by BPE totaling 88,944 shares. After the transaction
was completed, EPN had 391,499 BPE shares. Sara K. Loebis, Corporate Secretary of United
Tractors, explained the reasons and considerations for EPN to increase BPE share ownership
to meet BPE’s additional working capital. (Emiten News)
