Between 1923 and 1940, Air Laya Mine was started in underground mining method. During this period, the Company started production for commercial purpose in 1938.
After the Dutch Colonial has ended in Indonesia, the Indonesian employees demanded a status change into a national mine. In 1950, the Government of Indonesia officiated the foundation of Perusahaan Negara Tambang Arang Bukit Asam (PN TABA).
On March 1, 1981, PN TABA changed its status into Limited Company under the name of PT Bukit Asam (Persero), which is later called PTBA or the Company. In order to the national coal industry development, in 1990 the Government merged Perum Tambang Batubara and the Company into a single entity. According to the national energy resilience development program, in 1993 the Government assigned the Company to develop coal briquette business. On December 23, 2002, the Company listed itself as a public company on Indonesia Stock Exchange with “PTBA” as its ticker symbol.
On November 29, 2017 became a historical record for PTBA when organizing an Extraordinary General Meeting of Shareholders. The main agenda of PTBA includes three points. Approval of the change of company’s articles of association related change of the company’s status from “persero” to “non-persero” related with government regulation 47/2017 concern the increase of Indonesia Republic’s equity participation into PT Inalum (Persero), stock split nominal of share, and change the company’s board of directors. With the change of ownership of the Republic Indonesia to PT Inalum (persero), those three companies are officialy become the holding member of Mining State – Owned Enterprise (BUMN), with inalum as its head. In this case, Bukit Asam is one of the members of MIND ID (Mining Industry Indonesia), a BUMN Holding Mining Industry.
PTBA has completed the stock split during the initial trading at Indonesia Stock Exchange, on December 14, 2017. The 1:5 stock split ratio was according to the decision of the Extraordinary General Meeting of Shareholders conducted on November 29, 2017. This corporate action was taken to increase the share trading liquidity on IDX and to expand the distribution of share ownership by reaching various layer of investors. The strong commitment from Bukit Asam to improve the performance is a fundamental factor of the corporate action.