ABM Investama acquires power firm
Thursday, November 17 2016 - 01:21 AM WIB
By Romel S. Gurky
IDX-listed coal mining and energy company PT ABM Investama Tbk has signed a sales and purchase agreement with PT Pradipa Aryasatya for the acquisition of 99 percent shares in power company PT Pradipa Aceh Daya.
The company said in a statement on Wednesday that the transaction value is worth Rp 200 million.
Pradipa Aryasatya is 99 percent owned by power producer PT Sumberdaya Sewatama, which is a subsidiary of ABM. Pradipa Aceh Daya among others owns a power plant in Aceh.
?The purpose of the transaction forms part of the company?s new strategy to be engaged in the energy sector including renewables,? ABM said in the statement.
Editing by Reiner Simanjuntak