Intraco completes acquisition of power firm
Saturday, July 22 2017 - 03:55 AM WIB
By Romel S. Gurky
IDX-listed heavy equipment company PT Intraco Penta Tbk announced on Friday that it has completed acquisition of 30 percent shares in power company PT Petra Unggul Sejahtera (PUS).
The company said in a statement it acquired 68,124 share units (30%) of PUS for Rp 68.12 billion. It said that the acquisition forms part of the company?s strategy to diversify into power business.
PUS is a parent company of PT TJK Power, which operates a 2x55 MW PLTU Batam coal-fired power plant, Intraco said in the statement. Other shareholders of PUS are Batam Power Ventures Pte Ltd (22,706 share units), and China Huadian Engineering Co Ltd (136,245 share units), it added.
Editing by Reiner Simanjuntak