Asti signs agreement to acquire RI power company

By Romel S. gurky

SGX-listed investment holding company Asti Holdings Limited, which is engaged in designing, developing and manufacturing of semiconductor equipment, announced Friday that it has on December 29 entered into the sale and purchase agreement for the acquisition of up to 55 percent shares of Indonesian power firm PT Cahaya Sakti.

The agreement comes after the company on October 17 entered into a non-binding term sheet with Ifachrul Madin for the Cahaya Sakti acquisition.

Asti said in a statement that upon the completion of the proposed acquisition, the company will hold 19,250 ordinary shares (the sale shares) representing approximately 55 percent of the issued and paid-up capital of Cahaya. ?On completion, the company will enter into a shareholders? agreement with the target and its shareholders for the regulation of the business and affairs of the target,? the statement said.

Cahaya is a company incorporated under the laws of the Republic of Indonesia. It is an independent power producer in Indonesia, whose business involves the importation, setting up and operation of power plants, including the generation and transmission of electrical power. Cahaya currently owns certain assets, including in relation to its operation of a gas-powered electricity power plant in Tarakan City, North Kalimantan, Indonesia.

As of the date of this announcement, Cahaya has an issued and paid-up share capital of Rp 350,000,000,000 comprising 35,000 ordinary shares. The shareholders of Cahaya as of the date of this announcement are the seller and Marthin Denny Senewe, who each holds approximately 97 percent and 3 percent of the share capital of Cahaya respectively.

Editing by Reiner Simanjuntak