According to the official statement from ITMG's management, the additional ownership in CPI was carried out through its subsidiary, PT ITM Bhinneka Power (IBP), in which 70 percent of the shares are owned by the company.

The company did not disclose the specific value of the additional shares in its subsidiary. However, ITMG stated that IBP's ownership in CPI increased from 60 percent to 79.5 percent after the transaction.

"Indo Tambangraya Megah's effective ownership in CPI has changed from 42 percent to 55.65 percent," stated the official management release on Thursday, February 22, 2024.

According to the 2022 Sustainability Report from Indo Tambangraya Megah, the solar energy developer business has been prepared since 2021 by IBP. In 2022, CPI completed the construction of rooftop Solar Power Plants (PLTS) installations at two locations in Jakarta with a capacity of 54 kiloWatt peak (kWP).

CPI focuses its business on rooftop solar panels targeting office and factory customers. The company also built the 2-megawatt peak (MWp) PV Bunyut Solar Power Plant to meet the energy needs at the Gugus Melak Port in East Kalimantan.

In May 2023, Director of Corporate Communication and Investor Relations at ITMG, Yulius Gozali, mentioned that the company is considering the possibility of conducting an initial public offering (IPO) for its subsidiary in the renewable energy sector.

"What is being considered, regarding renewable energy, for example, for solar power plants under PT ITM Banpu Power, if there are many investments in solar and solar rooftops, we could potentially spin it off into a publicly traded company," Yulius said.

Based on the company's financial report, ITMG's net income as of December 30, 2023, reached US$ 2.37 billion (IDR 37.2 trillion), a 34.7 percent decrease compared to the same period last year, which was US$ 3.63 billion.

The decline in revenue is attributed to a 41 percent decrease in the average selling price (ASP) of coal, from US$ 192 per ton in 2022 to US$ 113 per ton in 2023.

The company recorded a net income for the fiscal year 2023 attributable to the parent entity of US$ 500.33 million, representing a 58.3 percent decrease compared to the same period in 2022, which was US$ 1.2 billion.