Pertamina Geothermal enters Indonesia’s LQ45 stock index
Indonesia Stock Exchange, Jakarta (source: flickr/ nseika, creative commons)
Carlo Cariaga
29 Jan 2024
Just about a year after IPO, Pertamina Geothermal has entered the LQ45 index of the Indonesia Stock Exchange indicating healthy investor interest.
PT Pertamina Geothermal Energy (PGEO) is one of four issuers to be newly included in the LQ45 stock market index of the Indonesia Stock Exchange (IDX) in the rebalancing period from 1 February to 31 July 2024. Aside from reflecting on PGEO’s strong fundamentals, this inclusion also indicates the capital market’s focus on sustainable investment.
The LQ45 index includes the 45 companies listed in the IDX that have been included in the top 60 companies with the highest transaction value and market capitalization in the last 12 months. PGEO joined the IDX in early 2023 with an IPO price ranging from IDR 875 to 880 per share. It is trading at IDR 1315 per share as of closing at 29 January 2024.
“PGEO’s success in being included in the LQ45 Index marks an extraordinary achievement. LQ45 emphasizes PGEO’s position as a significant entity in the capital market,” commented Nelwin Aldriansyah, PGEO Finance Director.
Joining PGEO in the LQ45 are PT Merdeka Battery Materials Tbk (MBMA), PT Dayamitra Telekomunikasi Tbk (MTEL), and PT Mitra Pack Tbk (PTMP). PGEO is also listed under the IDX30, IDX80, and KOMPAS100 indices.
“This indicates that investor interest in new renewable energy (EBT) sector issuers is high… This is a positive signal that [we] should be grateful for,” added Nelwin.
PGEO had recently broken ground on the construction of the Lumut Balai 2 geothermal power plant in South Sumatra, Indonesia. The 55-MW expansion of the existing power facility is set to operate by the end of 2024.
Source: Kontan.co.id
