Indonesian Medco acquires 78% of Saratoga Power

PT Medco Energi Tbk (MEDC) has agreed to acquire 77.68% shares of PT Saratoga Power. PT Saratoga Sentra Business and S Asia III Luxembourg S.A.R.L are the sellers for the acquisition of 784,840 shares in PT Saratoga Power representing 77.68% of all subscribed and paid up capital in PT Saratoga Power.

The total cash of this transaction is US$129,214,944. This transaction is expected to contribute a positive impact to the company’s business and operational. Saratoga Power holds 51% of shares in PT Medco Power Indonesia, which is the operator of 9 power plants with a total gross generating capacity of 400.7 MW.

Besides that, Medco Power Indonesia also provides Engineering, Procurement, and Construction (EPC) and Operation and Management services.

Based on the disclosure of information on IDX, PT Saratoga Investama Sedaya Tbk (SRTG)’s subsidiary namely Saratoga Sentra Business had transferred all of its shares to Medco Power Indonesia, which represents 24.11% shares ownership in Saratoga Power. Saratoga Sentra Business also received the reimbursement for the advances of capital in Saratoga Power from Medco Energi as much as US$ 40,359,017.