Intraco to acquire power firm

By Romel S. Gurky

IDX-listed heavy equipment company PT Intraco Penta Tbk said it plans to acquire 100 percent of PT Petra Unggul Sejahtera (PUS), which indirectly owns a power plant asset.

Intraco said in a filing with the Indonesia Stock Exchange on Wednesday that the company had on March 10 signed the sales and purchase agreement in a transaction worth Rp 337.5 billion.

The company said that the acquisition process will be closed within 60 days at the latest after it has fulfilled the preliminary requirements.

PUS is a parent company of PT TJK Power, which operates the 2x65 MW PLTU Batam coal-fired power plant, which holds right to expand it by another 2x55 MW at the same location, the statement said.

Editing by Reiner Simanjuntak