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 |
Structure of Toba Bara
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.