JAKARTA. PT Medco Power Indonesia (MPI), a subsidiary of PT Medco Energi Internasional Tbk (MEDC), announced its investment partnership with Kansai Electric, a Japanese energy company.
Hilmi Panigoro, President Director of MEDC, said MPI and Kansai Electric would establish a joint venture.
"MPI will be the controlling shareholder in the joint venture with 60% stake, while Kansai Electric has 40%," said Panigoro in a disclosure today.
MEDC has not disclosed the investment value for the joint venture. However, Panigoro has confirmed that the partnership is not a material transaction, as its value does not reach 20% of the company's total equity.
According to data gathered by idnfinancials.com, MEDC's total equity was recorded at US$ 1.18 billion at the end of the first quarter of 2020. (KR/AR)