Saratoga mulls divesting 51% Medco Power shares

JAKARTA ( – PT Saratoga Investama Sedaya Tbk (SRTG) and its partner mulls a plan to divest up to 51 percent shares of PT Medco Power Indonesia to a Thai investor, a company official said.

Director of Saratoga Investama Sedaya Andi Esfandiari said Saratoga is currently negotiating with the potential investor, Investor Daily reported.

Saratoga Investama together with Saratoga Fund and International Finance Corporation (IFC) controls 51 percent shares in Medco Power and the remaining 49 percent is held by PT Medco Energi International Tbk (MEDC).

A Thai company, Amata B. Grimm Power Group together with Global Power Synergy PCL, are reportedly interested to acquire Medco Power shares.

Medco Power is currently developing a number of power plants in the country, including the giant Sarulla geothermal power plant in Sumatera. Medco Power has earlier expressed its interest to acquire geothermal power plant assets of Chevron in Indonesia. (*)

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