Medco acquires 54% stake in Batam power plant
Thursday, May 13 2004 - 12:48 AM WIB
JSX-listed energy firm PT Medco Energi International said Wednesday it has acquired a 54% stake in PT Mitra Energi Batam which operates a power plant on Batam Island.
"We bought the shares through our unit PT Medco Power," Medco Finance Director Sugiharto told reporters.
He didn't reveal the value of the acquisition, but said that Medco bought the shares from privately-owned company PT Menamas.
The power plant, which will become operational in August, has a capacity of 55.5 megawatts, he added.
Sugiharto said Medco has signed a contract with state-owned utility PT Perusahaan Listrik Negara, or PLN, to supply $30 million worth of power over 12 years.
Under the contract, Medco will sell the power at 197 rupiah ($1=IDR8,950) per kilowatt hour starting 2004.(*)