ABM Investama to tap into Indonesian electricty market

ABM Investama has bought control of a power company in Aceh to help it tap into the electricity market.

An integrated coal company, ABM Investma acquired a 70 percent stake in Energi Alamraya Semesta, an independent coal-fired power plant company in Aceh, for $7 million, through its unit Pradipa Aryasatya.

“The acquisition is in line with our strategic plan to develop the independent power provider business,” said Hasto Kristiyono, president director of Sumberdaya Sewatama — a subsidiary of ABM Investama that controls Pradipa Aryasatya.

“As EAS majority shareholder, we aim to increase EAS’s power capacity and serve growing demand for power in the area around the plant,” Hasto added.

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