Medco Power to acquire hydro power plant
Monday, February 4 2013 - 02:28 AM WIB
PT Medco Power Indonesia, a subsidiary of IDX-listed PT Medco Energi Internasional Tbk (MPI) will acquire energy company PT Pembangkitan Pustaka Parahiangan, which operates mini hydropower plants in West Java, Bisnis Indonesia reported on Monday.
Medco?s corporates secretary Imron Gazali said that Medco Power would acquire, not to merge with, PT Pembangkitan Pustaka Parahiangan as reported by Business Competition Supervisory Commission (KPPU) in its website.
?There is no merger plan. What the company wants to do is to acquire,? he said. He, however, decline to unveil the value of the acquisition.
Imron said that the acquisition would be made in line with Medco Power?s program to further boost its power plant operations in the country.
Medco Power is currently building several power plants, including a gas fired power plant in Batam, a geothermal power plant in Sarula, North Sumatra and a mini hydropower plant in West Java. (*)