Barito acquires shares in two geothermal firms

Petromindo|Khalsa

IDX-listed PT Barito Pacific Tbk said it had on Wednesday purchased shares of PT Darajat Geothermal Indonesia (DGI) and PT Star Energy Geothermal Suoh Sekincau (SEGSS).

Barito provided the following details of the transaction in a statement on Thursday.

Execution of Deed of Share Purchase Agreement between the company as purchaser and PT Austindo Nusantara Jaya (ANJ) as seller in the amount of 2,996,925 shares, representing 4.998 percent of total issued and paid-up capital of DGI with total consideration of US$1.5 million.

Execution of Deed of Share Purchase Agreement between the company as purchaser and George Santosa Tahija as seller in the amount of 1,000 shares, representing 0.002 percent of total issued and paid-up capital of DGI with total consideration of $481.

Execution of Deed of Share Purchase Agreement between the company as purchaser and ANJ as seller in the amount of: (i) 375 series A shares. (ii) 1,125 series B shares. (iii) 1,500 series C shares, representing 5 percent of total issued and paidup capital of SEGSS with total consideration of $325,000.

Meanwhile, Thailand?s Electricity Generating Public Company Limited (EGCO) said on Thursday that Star Energy Geothermal (Salak - Darajat) B.V. (SEGSD), an affiliate of EGCO (20.07% indirect ownership interest), Star Energy Group Holdings Pte. Ltd. and AC Energy Holdings Inc. have entered into Share Sale and Purchase Agreements with IDX-listed PT Austindo Nusantara Jaya Tbk (ANJ) on July 14 to acquire 95 percent share of PT Darajat Geothermal Indonesia (DGI). The share transfer was completed on September 27.

DGI holds a participating interest of 5 percent in Darajat Geothermal Project Unit 2 and Unit 3 in Indonesia?s West Java Province, which have total capacity of 216 MW. The transaction increases SEGSD's indirect ownership interest in Darajat Geothermal Project Unit 2 and 3 from 95 percent to 99.75 percent, while SEGSD remains to hold 100 percent indirect ownership interest in Darajat Geothermal Project Unit 1.

SEGSS owns the Suoh Sekincau geothermal concession in Lampung Province.

Editing by Reiner Simanjuntak