Sekawan plans to acquire power plant
Wednesday, September 10 2014 - 01:31 AM WIB
Following a recent transformation in its core business from non-woven converter into coal mining, IDX-listed PT Sekawan Intipratama Tbk plans to enter power plant business.
Company Corporate Secretary Herry Priambodo was quoted Wednesday as saying that Sekawan plans to acquire a 2x15 MW coal-fired power plant in Bintan, Riau Islands Province.
?We?re still conducting due diligence, and valuation estimate including the required investment,? Herry said as quoted by Bisnis Indonesia.
Construction of the power plant started in 2012, but has been stalled after CIMB Niaga Bank suspended distribution of loan facility when the project failed to progress as initially planned. Of the total US$30 million loan, the project has drawn half of it. (*)