JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA), an integrated petrochemical issuer, announces its latest investment in the energy infrastructure with a total value of USD 200 million.

This investment has been channelled through its majority-owned subsidiary, PT Krakatau Daya Listrik (KDL). The management of TPIA mentioned that this investment will be split into two stages.

The first stage will have KDL increases its ownership in PT Krakatau Posco Energy (KPE), a joint venture established alongside the steel manufacturer POSCO, to 45%. Then, KDL will initiate a joint investment according to its portion to promote the new power plant establishment with a total capacity of 200 megawatts (MW).

Erwin Ciputra, President Director of TPIA, claimed that this investment will be a vital pillar in the expansion and growth of collaboration between TPIA and POSCO. “This step strengthens our commitment to deepen our strategic partnerships and reassert our position as the main investor in the energy sector,” he explained further in the official statement.

According to IDNFinancials data, KDL is acquired by TPIA from PT Krakatau Steel (Persero) Tbk (KRAS). The acquisition was conducted through TPIA’s subsidiary, PT Chandra Daya Investasi (CDI).

On top of acquiring KDL, TPIA also simultaneously acquired PT Krakatau Tirta Industri (KTI), bringing the total acquisition to IDR 3.24 trillion. (KR/ZH)