JAKARTA - PT Hero Global Investment Tbk (HGII) has been officially acquired by a Japan-based utility company, Shikoku Electric Power Company (Yonden), by 25%.

The acquisition was carried out over 1,62 billion shares, with price set to IDR 200 each, thus bringing total investment value to IDR 325 billion.

Robin Sunyoto, President Director, mentioned that all the requirements needed for 25% acquisition by Yonden have been fulfilled.

“We are thankful that all requirements and administration regarding the acquisition of 25% of HGII by Yonden have been completed. We are now counting the days to make this transaction official,” said Sunyoto, Tuesday (14/1).

This acquisition agreement was initially signed through Conditional Share Purchase Agreement (CSPA) on November 8, 2024. The acquisition is expected to conclude in one month after HGII’s IPO on January 9, 2025.

Through this acquisition, Yonden aims to make its first investment in holding-level company in Indonesia, as prior to this, Yonden only focuses on direct investments in energy projects.

Based on its financial report, Yonden booked assets of JPY 1.63 trillion or equal to IDR 167 trillion as of March 31, 2024, with operating revenue clocking up to ¥787.4 billion or equal to IDR 81 trillion.

For more information, HGII also booked 22.3% year-on-year (yoy) growth in net profit to IDR 26.3 billion at the end of Q1 2024 from IDR 21.5 billion in the same period last year. (DK/ZH)