Gadang buys 80% HRE stake

KUALA LUMPUR: Gadang Holdings Bhd has acquired 80% stake in Indonesia-based power company PT Hidronusa Rawan Energi for (HRE) 10.8 billion rupiah (RM3.06mil). In a filing with Bursa Malaysia, Gadang said its indirect wholly-owned subsidiary, Asian Utilities Pte Ltd, had entered into a sale and purchase of shares agreement with Angga Panji Kesuma and Aprian Eka Rahadi to acquire 6,000 shares of nominal value one million rupiah each, representing 80% stake in HRE.

HRE is involved in development of hydro-electric power. It is pursuing a 4 megawatt (MW) hydro-power project in Jawa Barat. Gadang said the acquisition was “part of Gadang group plan to expand into power plant project, both locally and overseas.”