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Indonesia’s PP injects capital to subsidiary, ties up with China Datang, Sewatama to develop power plant

JAKARTA (RambuEnergy.com) – Listed state owned construction company PT Pembangunan Perumahanan Tbk (IDX:PTPP) has decided to inject capital of Rp745 billion to its subsidiary PT PP Energy, which engages in energy sector.

Director for Planning and Business Development of PTPP Lukman Hidayat said in a statement that initially the company will inject capital of Rp8.5 billion which will be used by the company to develop power plant.

“The fresh funds will be used to set up a joint venture company, namely PT Meulaboh Power Generation (MPG),” he said Tuesday (Sep 26).

PP Energy will tie up with China Datang Overseas Hongkong Co. Ltd and subsidiary of PT ABM INvestama Tbk (IDX:ABMM), namely PT Sumberdaya Sewatama.

In September last year, the PP-led consortium win a tender to develop a 400 MW of coal-fired power plant in Meulaboh, Aceh, with estimated invesment of Rp8 trillion.

PT Energi has earlier mulled a plan to list its shares on the Indonesian Stock Exchange this year, however, the plan has been postponed. (*)

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