Competition watchdog penalizes ITM Bhinneka Power over late acquisition filing
Wednesday, June 3 2026 - 05:20 AM WIB
By Romel S. Gurky
Competition Commission (KPPU) has imposed a Rp1 billion (US$55,866) administrative fine on PT ITM Bhinneka Power for failing to submit a timely notification of its acquisition of PT Centra Multi Suryanesia Aset.
The ruling was issued on Tuesday following a review of the company's acquisition filing.
KPPU said the acquisition became legally effective on Sept. 21, 2023, when ITM Bhinneka Power acquired a 65% stake in PT Centra Multi Suryanesia Aset.
Under KPPU regulations, companies are required to notify the competition watchdog of qualifying mergers and acquisitions within a specified period after a transaction becomes legally effective. The deadline for ITM Bhinneka Power to submit its notification was Nov. 2, 2023.
However, KPPU said the company submitted the notification on Nov. 7, 2023, three working days after the deadline.
During the proceedings, ITM Bhinneka Power acknowledged the delay and cooperated throughout the investigation process, including attending hearings and providing requested documents, according to the commission.
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After reviewing the evidence and case documents, the commission concluded that the company had violated its obligation to submit a timely notification of the share acquisition.
ITM Bhinneka Power is a renewable energy and energy technology company that is 70%-owned by publicly listed coal miner PT Indo Tambangraya Megah Tbk (IDX: ITMG). ITMG is part of Thailand-based Banpu Public Company Limited, one of Asia's largest integrated energy groups, which serves as the ultimate parent company of the Indonesian miner.
In addition to the fine, KPPU ordered ITM Bhinneka Power to comply with all provisions of the ruling and submit proof of payment within 30 days after the decision becomes legally binding.
The commission also instructed the company to provide a bank guarantee equivalent to 20% of the fine within 14 working days of receiving the decision.
Late payment of the fine will be subject to an additional penalty of 2% per month, KPPU said.
The acquisition was part of ITM Bhinneka Power's expansion in Indonesia's renewable energy sector, which has become an increasingly important growth area for ITMG as the company seeks to diversify beyond its core coal mining business.
Editing by Alexander Ginting