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$168 million loan to finance the development of the 2 x 50MW Sulut 3 coal-fired power station in North Sulawesi. The lenders were Bank Mandiri and Sarana Multi Infrastructure.
Toba Bara Shareholders
Investor | Ownership (%) | Filing Date |
---|---|---|
1. Highland Strategic Holdings | 61.91 | 31 Mar 2019 |
2. Bintang Bara B.V. | 10.00 | 31 Mar 2019 |
3. PT Toba Sejahtra | 10.00 | 31 Mar 2019 |
4. PT Bara Makmur Abadi | 6.25 | 31 Mar 2019 |
5. PT Sinergi Sukses Utama | 5.10 | 31 Mar 2019 |
6. Prakoso (Roby Budi) | 3.37 | 31 Mar 2019 |
7. Pandjaitan (Davit Togar) | 0.75 | 31 Mar 2019 |
Corporate Lending
Institution | Total Aggregate Debt (US$ millions) | Number of Deals | Latest Year of Deal |
---|---|---|---|
Bank Mandiri | 93 | 2 | 2018 |
BNP Paribas | 63 | 3 | 2014 |
Citigroup | 48 | 2 | 2014 |
Standard Chartered Bank | 40 | 2 | 2014 |
ANZ Banking Group | 23 | 1 | 2011 |
Bank KEB Hana Indonesia | 18 | 1 | 2018 |
Indonesia Eximbank | 3 | 1 | 2012 |
Disclaimer
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.