KL company to buy stake in Jawa Power

KL company to buy stake in Jawa Power

KUALA LUMPUR: Malaysian power company YTL Power International Bhd has announced a move to buy a 35-per-cent stake in an Indonesian power plant for US$139.4 million, news reports said Tuesday.

YTL Power will buy the stake in PT Jawa Power from PT Bumipertiwi after the Indonesian company buys the shares from Powergen, which is part of the German utility giant E.ON.

"Indonesia is the most natural growth market in the region for us to deploy our energy and infrastructure skills," YTL Power managing director Francis Yeoh said in a statement.

The move by YTL Power, which has more than 4 billion ringgit ($1.1 billion) in cash, would make it the company's third major overseas acquisition after it bought a third of an Australian power transmission firm and Britain's Wessex Water. -- DPA