Medco acquires 77.68 shares in Saratoga Power
Friday, October 6 2017 - 02:30 AM WIB
Petromindo|Khalsa
IDX-listed energy company PT Medco Energi Internasional Tbk said it has acquired a 77.68 percent stake in PT Saratoga Power (SP), which holds 51 percent shares in power company PT Medco Power Indonesia (MPI).
Medco said in a filing with the IDX on Thursday that it bought the SP shares in a transaction worth US$129.21 million from two sellers, namely PT Saratoga Sentra Business (24.11%) and S Asia 11/ Luxembourg SARL. Saratoga Sentra is a subsidiary of IDX-listed investment firm PT Saratoga Investama Sedaya Tbk.
Deed of acquisition of the shares was signed on October 3, Medco said in the statement.
MPI is the operator of nine power plants with a total gross generating capacity of 400.7 MW. Apart from developing and operating power plants, MPl also provides engineering, procurement and construction (EPC) and operations and management (O&M) services.
According to Petromindo.com data, Medco already owns a 49 percent stake in MPI. As such, the transaction will turn Medco as the controlling owner of MPI.
Editing by Reiner Simanjuntak