Haleyora Power, PELINDO II set up joint venture

PT Haleyora Power, a subsidiary of state utility PT PLN, and PT Pelabuhan Indonesia II have agreed to set up a joint venture company to supply power to port areas across the country.

PT Haleyora Power President Director Feby Joko Priharto and PT Pelindo II President Director R.J. Lino signed the joint venture agreement in a ceremony on Thursday in Pelindo II headquarters in Jakarta.

The joint venture firm - which will be 45 percent owned by PLN and 55 percent by Pelindo II - is planned to have a total capital of Rp 600 billion, with paid up capital at Rp 150 billion or 25 percent of the planned total capital.

The joint venture agreement is a follow-up to the previous agreement signed by the two companies in September 2012.

PT Pelindo II President Director R.J. Lino hoped that with the signing of the agreement, they can soon establish the joint venture to develop the power system in seaports of Indonesia, particularly in those managed by Pelindo II.

He added that they also planned to prepare the joint venture to go public through the Indonesian capital market in the next two or three years,? he said.

PT Haleyora Power President Director Feby Joko Priharto said that both companies were ready to pursue a synergy in developing the power system in the seaports.

"With the establishment of this joint venture, we?re ready to implement a synergy to develop a reliable system of power in seaports,? said Joko.

Editing by Benget Besalicto Tnb.