Realisation of Pertamina Geothermal’s MESOP program is below-target

Jakarta—The management of PT Pertamina Geothermal Energy Tbk (PGEO) stated that it has realised the issuance of shares for the Management and Employee Stock Option Plan (MESOP) program phases I and II, which were offered from 24 August to 23 September 2024.

Pertamina Geothermal Energy Corporate Secretary Kitty Andhora, in her report to the Indonesia Stock Exchange on Thursday, October 17, said the number of MESOP shares absorbed reached more than 13 million, or to be precise, 13,016,558 shares with a nominal value of Rp 10.41 billion.

Meanwhile, before MESOP phase I and II shares were issued, the number of PGEO shares reached 41,495,007,591. “Thus, the number of PGEO shares after this program increased to 41,508,024,149 shares,” said Kitty on the IDX disclosure page.

Although planned to increase employee and management participation in the company’s share ownership, the realisation of the shares was far below PGEO’s management plan, which targeted 287,216,924 shares.

Kitty explained that the total issuance plan consists of 35,057,773 shares for phase I, with an exercise price of Rp648 per share, and 252,159,151 shares for phase II, with an exercise price of Rp1,087 per share.

“For phase I, unexercised option rights can be exercised in the next exercise period,” Kitty said in an IDX disclosure on August 16, 2024.

Pertamina Geothermal’s MESOP program is implemented based on Financial Services Authority Regulation (POJK) No.32/POJK.04/2015 concerning capital increase of public companies with pre-emptive rights, as amended by POJK No.14/POJK.04/2019.

In addition, the implementation of this program also refers to the Decree of the Board of Directors of PT Bursa Efek Indonesia No. Kep-00101/BEl/12-2021 concerning the listing of shares and equity securities other than shares issued by listed companies, as well as Circular Letter of the IDX Board of Directors No. SE-00002/BEl/03-2020 concerning procedures for implementing share ownership programs. (hs)

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