Kencana Agri sets up two new power generation units
Friday, May 30 2014 - 01:09 AM WIB
SGX-listed palm oil group Kencana Agri Limited announced Thursday the incorporation of two wholly owned subsidiaries, PT Energy Karya Persada (EKP) and PT Energy Cipta Utama (ECU) in Indonesia through its power generation subsidiaries PT Listrindo Kencana (LK) and PT Belitung Energy (BE).
The total issued and paid-up share capital of each of EKP and ECU is Rp100 million. LK holds 99 percent of EKP and 1 percent of ECU whereas BE holds 99 percent of ECU and 1 percent of the EKP.
?The purpose of setting up EKP and ECU is to expand our power generation business in Indonesia,? the company said in a statement.
The incorporation of EKP and ECU is funded through internal resources and is not expected to have any significant effect on the consolidated net tangible assets and earnings per share of the company and the group for the current financial year ending 31 December 2014.
None of the directors, controlling shareholders or substantial shareholders of the company have any interest, direct or indirect, in the above transactions other than through their shareholdings in the company.
Kencana Agri operates oil palm plantations in Indonesia, and in recent years have entered into biomass power plant business.
Editing by Reiner Simanjuntak