Inovisi to acquire two energy firms

IDX-listed PT Inovisi Infracom Tbk, a diversified infrastructure investment holding company which also has interests in energy sector, has allocated capital expenditure of US$100-150 million this year, most of which to be used to acquire two energy companies, reports said on Wednesday.

?We?ll conclude the acquisition of two firms this year,? said President Director Jerry Djajasaputra as quoted by Investor Daily.

He declined to disclose the names of the companies and their specific businesses, but the company has said recently it wanted to acquire coal and oil and gas assets as part of expansion strategy.

Corporate Secretary Dria Soetomo said that the acquisition of the two firms cost about $90 million.

Meanwhile, Kontan speculates that Inovisi will acquire two coal mining firms in South Kalimantan, and one oil and gas asset in East Kalimantan.

Elsewhere, Jerry said that the company expects revenue this year to grow by 40 percent. Last year, revenue increased by 35 percent to Rp 1.67 trillion, while net profit rose slightly by 1 percent to Rp 581.73 billion. (*)