Intraco to acquire stake in power firm
Thursday, April 20 2017 - 03:18 AM WIB
IDX-listed heavy equipment company PT Intraco Penta Tbk said that it had on March 27 signed an agreement to acquire 30 percent stake in power company PT Petra Unggul Sejahtera (PUS) for Rp 337.5 billion.
The company said in a filing with the Indonesia Stock Exchange Tuesday that it will buy the shares from Halex Halim, Petrus Halim and Jimmy Halim, who are all members of Intraco?s board of directors and commissioners.
The company said it will use internal funds worth Rp 104.9 billion to finance the acquisition, while the remainder Rp 232.6 billion will be raised via rights issue. ?Petra will develop its business portfolio in the electricity sector,? the company said in the statement.
Petra is a parent company of PT TJK Power, which operates the 2x65 MW PLTU Batam coal-fired power plant, which holds rights to expand it by another 2x55 MW at the same location.
Editing by Reiner Simanjuntak