Resources Alam completes acquisition of KHE
Tuesday, June 23 2015 - 05:12 AM WIB
IDX-listed PT Resources Alam Indonesia announced Monday that it has completed the acquisition of a 39 percent stake in PT Khatulistiwa Hidro Energi (KHE) in a transaction worth Rp 9.36 billion.
The company said in a statement that KHE is the parent of PT Bias Petrasia Persada, which is developing a 2x3.2 MW mini hydro power plant in Cicatih, Sukabumi, West Java.
KHE owns 95 percent of Bias Petrasia Persada, which on June 9, 2012, signed a Power Purchasing Agreement (PPA) with state owned electricity firm PT Perusahaan Listrik Negara (PLN) for the Cicatih hydro power plant project.
KHE was 90 percent owned by PT Bumi Raya Utama and 10 percent by businessman Hendro Martowardojo. The two had previously agreed to sell part of the KHE stake to Resources Alam.
Editing by Reiner Simanjuntak