PT Radiant Utama Interinsco Tbk Divests Entire Stake in Sorik Marapi Geothermal Power

PT Radiant Utama Interinsco Tbk’s subsidiary, PT Supraco Indonesia, has sold its entire stake in PT Sorik Marapi Geothermal Power. The transaction involved selling 266 shares for $7.46 million to OTP Geothermal Pte Ltd through a debt offset arrangement, alongside a direct cash sale of 107 shares for $3 million to KS Orka. The proceeds will be reinvested in other business ventures or used for working capital. This transaction is deemed material as it exceeds 20% but less than 50% of the company's equity, yet does not require shareholder approval due to the nature of the deal.

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Published Sep 17, 2025

GEOTHERMAL

In a strategic move, PT Radiant Utama Interinsco Tbk’s subsidiary, PT Supraco Indonesia, has divested its entire stake in PT Sorik Marapi Geothermal Power, signaling a shift in its investment strategy. The company previously held 373 shares, equivalent to a 5% stake in the geothermal firm.

The divestiture involved a complex transaction where 266 shares were sold for $7.46 million to OTP Geothermal Pte Ltd, executed through a debt offset arrangement. This unique method allowed for the purchase price of the shares to be settled against pre-existing debts owed by PT Supraco to OTP Geothermal.

The transaction was formalized with a full settlement agreement, which served as a clear record of the debt resolution. Additionally, PT Supraco completed a direct cash sale of 107 shares to KS Orka for $3 million. The proceeds from these transactions are earmarked for reinvestment in PT Supraco's other business portfolios or as working capital, aiming to boost its liquidity and foster growth in the future.

This series of transactions is classified as material, exceeding 20% but remaining under 50% of the company's equity, as per the reviewed financial report by KAP Johannes Juara Rekan, which valued the company's equity at approximately Rp 560.46 billion as of March 31, 2025. However, due to the nature of the deals, shareholder approval is not required as stipulated by POJK 17 of 2020.

Importantly, the transaction is not expected to materially impact PT Supraco's financial condition, given that it did not involve cash outlay. Furthermore, the reduction in shareholding in Sorik Marapi remains a minority stake, preserving the existing management and control structure of the geothermal company.