TBS Energi Utama plans investment commitments of up to S$555 million
The proposed financing would support waste management expansion and acquisitions, with shareholder approval pending on 27 November 2026.
Indonesia’s PT TBS Energi Utama Tbk (TOBA) plans to obtain investment commitments totalling up to S$555 million through SBTH Asia Holdings Pte Ltd. The proposal involves issuing redeemable preference shares and synthetic warrants, according to a disclosure to the Indonesia Stock Exchange.
The proposed investors are SIP VI Onshore Lux Sàrl, SIP VI Offshore Lux Sàrl, SIP VI AP Lux Sàrl and HCAP Lux Sàrl. Financing would comprise an initial S$125 million investment, a primary tranche capped at S$130 million and an incremental primary tranche of up to S$300 million.
TBS said the proceeds would fund waste management development, acquisitions, capital expenditure, working capital and corporate needs. The transaction represents 227% of TOBA’s equity and remains subject to approval at an extraordinary shareholders’ meeting on 27 November 2026.
The company said it would retain ownership and control of SBTH because the preference shares carry no voting rights.
TBS is diversifying away from its coal-based business. Waste management contributes 60% of consolidated revenue and 93% of adjusted EBITDA. The segment’s revenue reached US$51.9 million in the first quarter of 2026, up 447.69% year on year from US$9.4 million.
