JAKARTA. PT Arkora Hydro Tbk (ARKO), an energy company owned by PT United Tractors Tbk (UNTR), will develop its own hydropower plant with a capacity of 50 MW.

For this project, one of ARKO’s subsidiaries, PT Arkora Hidro Tenggara (AHT), has acquired PT Arkora Bakti Indonesia (ABI) in PT Arkora Kalimantan Energi Hijau (AKEH). On December 30, 2022, AHT, along with ABI and AKEH, had signed the conditional sale and purchase agreement.

According to this contract, the number of AKEH’s shares bought by AHT from ABI reaches 2,499 units. “Therefore, the total transaction value clocks up to IDR 2.49 billion,” the management of ARKO mentioned in the information disclosure in Indonesia Stock Exchange (IDX).

For the record, AKEH has obtained the principles and location permission in West Kalimantan regarding this establishment of a hydropower plant of 50 MW. Next, AKEH will conduct several studies as prerequisites for the next phase of the power plant construction project.

Based on IDNFinancials data, UNTR owns ARKO through its portion in PT Energia Prima Nusantara (EPN). The number of ARKO’s shares that EPN directly and indirectly owns amounts to 31.49%. (KR/ZH)