Set to Hold RUPS, Here Are Leaks on 3 Agendas for TBS Energi (TOBA)
Jakarta, CNBC Indonesia - The renewable energy issuer, PT TBS Energi Utama Tbk (TOBA), will hold the Annual General Meeting of Shareholders (RUPST) and Extraordinary General Meeting of Shareholders (RUPSLB), collectively referred to as RUPS, for the 2025 fiscal year on 16 April 2026.
In a disclosure, the company revealed three strategic corporate actions to be undertaken: the use of part of retained earnings for dividend distribution, share buyback, and capital increase with pre-emptive rights (PMHMETD).
These corporate actions are being pursued amid the company’s ongoing comprehensive business transition from conventional energy to the green sector, focusing on waste management, renewable energy, and electric vehicles.
BRI Danareksa Sekuritas researcher, Andhika Audrey, assessed that using part of retained earnings for dividend distribution and share buyback will enhance value for shareholders, while the PMHMETD will serve as a foundation for strengthening capital to support medium- to long-term expansion.
“Typically, these three strategic corporate action agendas are sought for approval in the RUPS simultaneously for greater time efficiency,” he stated in his official remarks on Friday (27/3/2026).
Regarding dividend distribution, Andhika also highlighted that although TOBA recorded a net loss in 2025 due to non-cash and accounting losses from the divestment of coal-fired power plants (PLTU), TOBA can still distribute dividends.
“Historically, TOBA is actually a dividend-paying issuer; in 2025, there was indeed a non-cash loss due to the asset transition to green businesses, but retained earnings remain positive from profits in previous years, so dividends can still be distributed,” he explained.
As is known, despite recording a non-cash net loss in 2025 due to the divestment of PLTU assets as part of the transition, the company still achieved positive Adjusted EBITDA and cash reserves of US$102.3 million, up 15% from the previous year.
“This transformation is beginning to bear fruit, where revenue from sustainable businesses reached US$164.1 million in 2025, up 738% (year-on-year), with waste management contributing 41% of total revenue,” stated Nafi Sentausa, SVP Corporate Strategy & Business Development at TOBA.
Meanwhile, accelerating the portfolio shift for TOBA will require capital strengthening, which is believed to be facilitated through the PMHMETD action to support long-term expansion ambitions. The rights issue scheme could allow strategic investors to enter and participate in the company’s long-term business.
“Subsequently, all funds obtained from the rights issue proceeds, after deducting emission costs that are the company’s obligations, will be used to support the development of the company’s business expansion, particularly in the waste management, renewable energy, and electric vehicle sectors,” the management wrote.