By Romel S. Gurky
Thailand?s Electricity Generating Public Company Limited (EGCO) said on Thursday that Star Energy Geothermal (Salak - Darajat) B.V. (SEGSD), an affiliate of EGCO (20.07% indirect ownership interest), Star Energy Group Holdings Pte. Ltd. and AC Energy Holdings Inc. have entered into Share Sale and Purchase Agreements with IDX-listed PT Austindo Nusantara Jaya Tbk (ANJ) on July 14 to acquire 95 percent share of PT Darajat Geothermal Indonesia (DGI). The share transfer was completed on September 27.
DGI holds a participating interest of 5 percent in Darajat Geothermal Project Unit 2 and Unit 3 in Indonesia?s West Java Province, which have total capacity of 216 MW. The transaction increases SEGSD's indirect ownership interest in Darajat Geothermal Project Unit 2 and 3 from 95 percent to 99.75 percent, while SEGSD remains to hold 100 percent indirect ownership interest in Darajat Geothermal Project Unit 1.
?This investment is in line with EGCO's strategic plan to expand its business in renewable power generation in South East Asia region and to enhance the company's growth in the long term,? the listed company said in a statement to the Thailand Stock Exchange.
The investment was not a connected transaction. Also, under the Stock Exchange of Thailand's requirements for notification on Acquisition and Disposal, the calculated transaction size based on criteria of net profit of EGCO's reviewed and consolidated financial statements as at June 30, 2017 is 0.12 percent which is less than the 15 percent threshold. Therefore, the transaction does not require disclosure under the rules, procedures and disclosure of information concerning the acquisition and disposition of assets of listed companies. However, the disclosure is disseminated in the case of the investment in a joint venture company with a proportion of 10 percent or more of its paid up capital.
Editing by Reiner Simanjuntak
