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Economy in brief: INTA buys part of Tanjung Kasam PLTU
Intraco Penta (INTA) Group will further expand its power generation business by acquiring about a 30 percent stake in PT TJK Power, which operates the 2x65-megawatt (MW) Tanjung Kasam coal-fired power plant (PLTU) in Batam, Riau Islands
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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 2x65-megawatt (MW) Tanjung Kasam coal-fired power plant (PLTU) 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. 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 2x100-MW coal-fired power plant in Bengkulu.
INTA booked Rp 1.5 trillion in revenue last year, a slight increase from Rp 1.3 trillion in 2015.
