Gadang Holdings completes acquisition of RI power firm
Thursday, July 3 2014 - 11:46 PM WIB
By Romel S. Gurky
Malaysia?s Gadang Holdings Berhad announced Thursday it has completed the acquisition of 60 percent shares in Indonesia-based PT Ikhwan Mega Power (PTIMP), which is engaged in hydropower generation business.
Gadang said a statement to Bursa Malaysia that the acquisition transaction was completed on June 26 following approval by the Indonesian Minister of Laws and Human Rights.
On May 2, Gadang proposed acquisition of 9,000 news shares for PTIMP for Rp 1 million each, representing 60 percent of the enlarged issued share capital of PTIMP, by Gadang?s unit Asian Utilities Pte Ltd.
With this completion, PTIMP has become an indirect subsidiary of Gadang.
Editing by Reiner Simanjuntak