KUALA LUMPUR (Yosefardi) – Gadang Holdings Berhad, through its unit Asian Utilities Pte Ltd has on 29 October 2013 entered into a Sale and Purchase of Shares Agreement (SPSA) with Angga Panji Kesuma and Aprian Eka Rahadi to acquire 80% shares of PT Hidronusa Rawan Energi (HRE) for a purchase consideration of Rp10.8 billion, equivalent to approximately RM3.06 million.
HRE, based in Bandung, West Java, is principally involved in development of hydroelectric power. Currently, HRE is pursuing a 4 Megawatt (MW) hydropower project in West Java.
HRE has an authorized capital of Rp30 billion. Barring any unforeseen circumstances, the SPSA is expected to be completed within 8 months.