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INTA buys part of Tanjung Kasum power plant
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Heavy equipment distributor PT Intraco Penta president director Petrus Halim (second left), independent commissioner Jugi Prajogio (left), commissioner Leny Halim (center), finance director Fred L. Manibog (right) and human resources director Moh. Effendie Ibnoe (second right) converse after the company’s shareholders’ meeting in Jakarta on Thursday. The meeting approved a plan to acquire a coal-fired power plant in Batam, Riau Islands, worth Rp 337.5 billion (US$25.3 million). (JP/Jerry Adiguna) (second left), independent commissioner Jugi Prajogio (left), commissioner Leny Halim (center), finance director Fred L. Manibog (right) and human resources director Moh. Effendie Ibnoe (second right) converse after the company’s shareholders’ meeting in Jakarta on Thursday. The meeting approved a plan to acquire a coal-fired power plant in Batam, Riau Islands, worth Rp 337.5 billion (US$25.6 million). (JP/Jerry Adiguna)
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ntraco Penta (INTA) Group will further expand its power generation business by acquiring about a 30 percent stake in PT TJK Power, which operates the 2 by 65-megawatt (MW) Tanjung Kasam coal-fired power plant in Batam, Riau Islands.
The company will buy the shares for Rp 337.5 billion (US$25.6 million) from PT Petra Unggul Sejahtera (PUS), which is owned by the Halim family, the shareholder of INTA.
INTA president director Petrus Halim said in Jakarta recently that this acquisition would be part of INTA’s business strategy to strengthen its power generation business.
About Rp 100 billion of the funds needed to finance the acquisition would come from internal sources and the remaining Rp 227.5 billion would be raised from a right issue, INTA finance director Willianto Febriansa said.
(Read also: Power expansion)
The Financial Services Authority (OJK) has yet to approve the rights issue.
INTA is currently engaged in five business lines, namely heavy equipment sales, financing services, power generation, mining services, and engineering and infrastructure.
Last year, INTA established a joint venture with Construction Corp. of China — PT Tenaga Listrik Bengkulu — to build and operate a 2 by 100-MW coal-fired power plant in Bengkulu.
Willianto said that TLB’s power plant, currently under construction with a total investment of about US$360 million, was scheduled for commercial operation by the end of 2019.
The Industrial and Commercial Bank of China Ltd. (ICBC) and Export-Import Bank of China provided loans worth $270 million for the construction of the power plant.
INTA booked Rp 1.5 trillion in revenue last year, a slight increase from Rp 1.3 trillion in 2015. (dra/hwa)
