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WIKA to acquire Citra Insan Pertiwi
JAKARTA: State owned construction firm PT Wijaya Karya (WIKA) will spend at least Rp 23 billion (US$1
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JAKARTA: State owned construction firm PT Wijaya Karya (WIKA) will spend at least Rp 23 billion (US$1.94 million) to acquire a majority stake in PT Catur Insan Pertiwi (CIP), a mechanical and electrical construction company.
In a statement on Tuesday, WIKA announced it had acquired 70.08 percent of CIP's shares in a bid to support WIKA's power plants construction projects.
"We are optimistic that this effort will boost WIKA competitiveness in building power plants. This will support WIKA's margin growth in the future," WIKA's president director Bintang Perbowo said in the statement.
CIP is a private domestic company focusing on mechanical and electrical construction for power plants projects. By buying the company, WIKA expects to increase its cost efficiency and operational effectiveness.
WIKA recently won several power plants projects, including Muara Karang power plant in Jakarta; Indramayu and Pelabuhan Ratu power plants in West Java, Labuan Banten power plant in Banten, and several other power plants in Sumatera, Sulawesi and Kalimantan. -- JP
