Disclosure of Material Information or Facts of Issuers or Public Companies
Please be informed that PT Jababeka Tbk submitted disclosure to the Financial Services Authority (“OJK’) and the Indonesia Stock Exchange (“IDX”) today reporting material information of facts. Please find attached the English translation of the disclosure submitted .The official document can be accessed via the following link:
Please do not hesitate to contact us if you have questions or comments.
In order to comply with the provisions of(i) the Regulations of the Financial Services Authority (“POJK”) No. 31/2015, the Capital Market and Financial Institution Supervisory Agency (“Bapepam and LK”) Number X.K.1, the Attachment of the Decision of the Chairman of Bapepam and LK Number: Kep 86/PM/1996 dated January 24, 1996 on Information Disclosure To Be Announced To Public; and (ii) the Decision of the Board of Directors of PT Bursa Efek Indonesia No.: Kep-306/BEJ/07-2004 dated July 19, 2004 regarding the Obligation of Information Submission, herewith we submit the Information Report or Material Facts as follows:
Date of Event
February 9, 2018
Type of Information or Material Facts
Reserve Shutdown of PT Bekasi Power, a subsidiary of PT Jababeka Tbk, by Load Control Center of PT PLN (Persero) (“P2B PLN”)
Detail of Information or Material Facts
PT Bekasi Power (“BP”) as an Electricity Supply License Holder for integrated Public Interests (integrated PIUKU) has signed a 20- year Cooperation Agreement (Perjanjian Kerjasama / “PKS”) with PT PLN (Persero) to supply electricity to PLN as well as BP’s business area through an electricity repurchase scheme.
BP commenced its operations commercially upon the issuance of the Commercial Operation Date Certificate (“COD Certificate”) dated January 5, 2013, and in the day-to-day operations of its Gas-fired Combined Cycle Power Plant (“Power Plant”), BP delivers the electricity generated in accordance with the Dispatch Order from P2B PLN. The COD certificate states that the Minimum Load of BP’sPower Plant is 108 MW and the Maximum Load of 118.8 MW is the Contract Capacity of BP’s Power Plant, and its Availability Factor (AF) per year on average is 90% of the contract capacity.
During 5 years of operations of the Power Plant, BP has always followed the decree in the PKS and obedient to the provisions that apply to the PKS. However, since the beginning of 2018, BP has been requested
by P2B PLN to provide 0 (zero) kWh, a state known as “Reserve Shutdown”.
To discuss the Reserve Shutdown, a meeting was held between BP and PLN on February 9, 2018. However, the meeting has not yet resulted in the expected resumption of normal operations of the Power Plant.
Based on the PKS above, BP still gets the payment/compensation on the capacity charge from PLN on the basis of Take or Pay of the Availability of the Power Plant.
of such event, facts on the legal, financial, or
The impact of the event above is that BP’s revenue will decrease significantly but the gross profit in absolute amount is maintained so that operational expenses are covered.
Even so BP will continue to negotiate with PLN in order to recommence normal operations of the Power Plant.