ITMG – Increased CPI owneship

ITMG – Increased CPI owneship Indo Tambangraya Megah (ITMG) through its 70%-owned subsidiary, ITM Bhinneka Power (IBP) increased its ownership of Cahaya Power Indonesia (CPI), one of its subsidiaries which engages in solar based renewable energy business, from 60.0% to 79.5%. Thus, ITMG’s effective ownership in CPI changed to 55.65% from the previous 42.0%. (Source : Company) Comment : We view this news positively, as it is expected to generate increased recurring income for ITMG while also demonstrating a heightened commitment to ESG principles.