ABM increases capital of power subsidiary

By Romel S. Gurky

IDX-listed coal mining and power company PT ABM Investama Tbk announced Tuesday it has increased the paid-up capital of its 99.9 percent power subsidiary PT Anzara Janitra Nusantara (AJN) by Rp 28.6 billion.

?The purpose of this transaction is to fund AJN's business activities,? ABM said in a statement, but falls short of providing details.

Established in 2014, AJN originally operated under the name of PT Pradipa Aceh Daya. In 2016, the company underwent a name change to its current name. AJN is an independent power producer.

In 2016, AJN through a number of its subsidiaries signed and negotiated agreements for power generation to a number of parties, such as state-owned electricity firm PT PLN?s South and Central Kalimantan Regional Office (PLN KalSelTeng) for biogas power plant; and PLN of South, Southeast and West Sulawesi Region (PLN SulselRaBar) for mini-hydro power plant in Lembang Ma?dong Denpina, North Toraja, South Sulawesi.

Editing by Reiner Simanjuntak