HONG KONG (Yosefardi) – Gadang Holdings Berhad said its indirect wholly-owned subsidiary, Asian Utilities Pte Ltd (AUPL), a company incorporated in Singapore, has on 16 July 2013 entered into a Conditional Sale and Purchase of Shares Agreement (SPA) for divesting stakes in 2 Indonesian water suppliers.
AUPL will dispose 65% equity interest in PT. Sarana Catur Tirtakelola (SCTK) and 10% equity interest in PT. Sarana Tirta Rejeki (STR), for a total consideration of Indonesian Rupiah (IDR) 6.5 billion (equivalent to approximately RM2.1 million), to Hj. Ratna Dewi Panduwinata.
Upon completion, SCTK and STR will cease to be indirect subsidiaries of the Company.
SCTK is the holder of a water supply concession with rights to develop up to 2100 litres per second of treated water supply for the eastern part of Kabupaten Serang, Propensi Banten, Republic of Indonesia.
STR has been assigned with 100 litres per second of water supply under the Concession.