Toba Bara Sejahtra
Toba Bara Sejahtra (Toba Bara) operates three mining concessions located in East Kalimantan through three subsidiaries.
Toba Bara is majority-owned by Toba Sejahtra, which as of March 2019, was itself majority-owned by Highland Strategic Holding Ltd.
Toba Bara is publicly traded and was listed on the Indonesian Stock Exchange in 2012.
In March 2018, the company postponed a bond issue “due to unfavourable market conditions.” In April 2019, it issued a US$7M follow-on share offering for the purpose of improving its balance sheet.
Coal mining in Kalimantan, Indonesia. Credit: Dominik Vanyi. Unsplash
In February 2019, Toba Bara secured US$168 million loan to finance the development of the 2 x 50MW Sulut 3 coal-fired power station in North Sulawesi. The lenders were Bank Mandiri and Sarana Multi Infrastructure.
Toba Bara Shareholders
|Investor||Ownership (%)||Filing Date|
|1. Highland Strategic Holdings||61.91||31 Mar 2019|
|2. Bintang Bara B.V.||10.00||31 Mar 2019|
|3. PT Toba Sejahtra||10.00||31 Mar 2019|
|4. PT Bara Makmur Abadi||6.25||31 Mar 2019|
|5. PT Sinergi Sukses Utama||5.10||31 Mar 2019|
|6. Prakoso (Roby Budi)||3.37||31 Mar 2019|
|7. Pandjaitan (Davit Togar)||0.75||31 Mar 2019|
|Institution||Total Aggregate Debt (US$ millions)||Number of Deals||Latest Year of Deal|
|Standard Chartered Bank||40||2||2014|
|ANZ Banking Group||23||1||2011|
|Bank KEB Hana Indonesia||18||1||2018|
Please note the above information is from the companies’ available annual and financial reports (2012 to 2018) and websites, as well as other public and subscription-based information sources.
Occasionally, where information is incomplete, assumptions must be made about data and these were made in a consistent manner and in good faith. While we endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented.