Shares of coal producer and plantation company PT Toba Bara Sejahtera Tbk (TOBA) have gained significantly by 89% since October 2016 due to a combination of higher average price of thermal coal and TOBA’s expansion into power generation business. Last week, for example, TOBA’s subsidiary PT Minahasa Cahaya Lestari (MCL) signed power purchase agreement (PPA) with state electricity firm PT Perusahaan Listrik Negara (PLN) regarding 2×50 MW coal-fired power plant project in Minahasa Utara, North Sulawesi province.To subscribe please click here