On 19 August 2015, PT Saratoga Investama Sedaya Tbk. signed a sales and purchase agreement to acquire 16.67% of PT Batu Hitam Perkasa. PT Batu Hitam Perkasa is an investment-holding company which holds 5% shares of PT Paiton Energy.
PT Paiton Energy is one of the largest Independent Power Producer (IPP) in Indonesia that owns the license to build, own and operate fired/thermal power located in the Paiton power plant complex in Probolinggo Regency, East Java, Indonesia. PT Paiton Energy operates two coal fired/thermal power plant units: Unit 7/8 and Unit plant 3 with a total generating capacity of 2,035MW.
Saratoga’s investment in PT Paiton Energy aligns with Indonesian government plan to build 35,000MW power generation in the country over the next five years.
As an active investment company, Saratoga continues to explore investment opportunities in the three key drivers of Indonesia’s economy: Infrastructure, Consumers Products and Services and Natural Resources. This transaction is intended as part of Saratoga’s effort in strengthening its investment portfolio.
Notification to OJK and IDX regarding the purchase can be viewed here: download