Dian Swastatika sells 75% stake in subsidiary for US$394 million
JAKARTA. PT Dian Swastatika Sentosa Tbk (DSSA) has sold a 75% stake in its subsidiary PT DSSP Power Mas Utama to Hong Kong-based company Datang Overseas Energy Investment Co Ltd for US$394 million.
In a stock exchange filing on Tuesday (29/12), DSSA said it expected the transaction to provide long-term added values for all of its shareholders, including to support its strategic aim of developing its electricity provision business and further expansion in the future.
The company also expects the transaction to improve its ability in developing its business portfolio and diversifying operational risks, including analysing the opportunities posed by the renewable energy sector.
Datang Overseas Energy Investment Co Ltd is an affiliate company of China Datang Corp Ltd, which engages in electricity provision and owns several power plants in Asia. DSSP Power Mas Utama's power plant projects include Kendari-3 Steam Power Plant, Sumsel-5 Steam Power Plant, and Kalteng-1 Steam Power Plant. (AM)