Thai firms plan to acquire Medco Power

Thai firms Amata B. Grimm Power Group and Global Power Synergy Pcl are teaming up to acquire more than 51 percent interest in Indonesian power company PT Medco Power Indonesia, Kontan reported on Thursday.

President Director of Amata B. Grim Power Group Preeyanart Soontornwata said that the two companies have been in talks with Saratoga Group, which owns 51 percent of Medco Power. IDX-listed PT Medco Energi Internasional Tbk owns the remaining 49 percent stake.

Soontornwata said that transaction is expected to be completed in the middle of June of this year.

Catharina Latjuba, Head of Corporate Communication at Saratoga confirmed that her company and Amata have been in talks over the planned acquisition of Medco Power by the latter. She, however, said that it?s still early stage, and there?s no guarantee the transaction would be realized.

Medco Power President Director Fazil Erwin Alfitri said he?s unaware of the planned acquisition of the company.

Medco Power currently operates a combined 350 MW capacity of power plants, all fueled by renewable energy sources. The company is currently developing a 3x110 MW Sarulla geothermal power plant in North Sumatra, the first unit of which is expected to be inaugurated for operation in November of this year. (*)