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JAKARTA (RambuEnergy.com) – Malaysia’s company Pasukhas Group Berhad (PASUKGB) is proposing to purchase 92.5% shares of Indonesia’s PT Tenaga Listrik Gorontalo, a subsidiary of PT Bangun Daya Perkasa, a power plant developer.
Pasukhas Energy Sdn Bhd (PESB), formerly known as Bidara Majujaya Sdn Bhd, said in a statement that it had on June 12, 2017 entered into an Approval Letter (AL) with PT Bangun Daya Perkasa in expressing PESB’s interest in acquiring a 92.5% stake of PT BDP’s shares in PT Tenaga Listrik Gorontalo, a subsidiary company of PT BDP.
Bangun Daya is expected to sell 92.5% of shares at US$35 million. Saratoga Investama Sedaya owns stake in PT Tenaga Listrik Gorontalo. Sandiaga Uno, Jakarta-deputy governor elect, was former president director of Tenaga Listrik Gorontalo.
The execution of approval letter is not subject to the approval of the shareholders of PGB or any other relevant authorities.
“PGB Group believes that the Proposed Acquisition would contribute positively to the future earnings of PGB Group and improve the financial position of PGB Group via additional revenue and earnings contribution from the Proposed Acquisition,” the company said in a statement.
Tenaga Listrik Gorontalo (TGL) is a private limited company based in Jakarta engages in mining and developing power plants. TLG is also operating a coal fired power plant in Gorontalo city with installed capacity of 2×12.5 MW, with a plan to expand its capacity by 2×50 MW.
The company sells its electricity to PLN at price of 5.9Cents/Kwt since 2012. To further the project, the company is trying to complete 100MW (50MW x 2) facilities by 2019 and in progress of building 2 single 100MW facilities by 2020.
TLG is a subsidiary company of PT BDP and its principal activity is generating power supply. Currently PT TLG is operating a 2 x 12.5MW coal fired power plant in Gorontalo City, North Sulawesi.
Pasukhas Energy said it would carry out due diligence on PT TLG’s financial report and legal status within 3 months from the signing of the AL.
In addition, PESB shall deposit of US$100,000 to PT BDP and the Deposit shall be part of the purchase price in the Proposed Acquisition. The deposit will expire if, including PESB did not submit the price proposal for the Proposed Acquisition to PT BDP at the latest by end of September 2017, or the proposed price for the Proposed Acquisition is lower than US$1.6 million/MW.
The Deposit shall be returned to PESB if significant or major issues from financial or legal perspective arise; PT LTG/PT BDP fails to show letter/documentation regarding appointment/selection of PT TLG (2x50MW) from PT PLN, a state-owned company.
In further of the AL, PESB will enter into a formal share sale agreement with PT BDP once the terms and conditions have been agreed upon by the Parties as well as the satisfaction of the due diligence conducted. (*)