PLN seals establishment of its new subsidiaries
PLN seals establishment of its new subsidiaries
JAKARTA (JP): The president of state-owned electricity company
PT Perusahaan Listrik Negara (PLN), Djiteng Marsudi, signed a
notary deed yesterday for the establishment of two new
subsidiaries with a total authorized capital of Rp 22 trillion
(US$9.88 billion).
He said that PT Pembangkitan Tenaga Listrik Jawa Bali I, one
of the subsidiaries, has an authorized capital of Rp 10 trillion
and the other one, PT pembangkitan Jawa Bali II, has an
authorized capital of Rp 12 trillion.
"The two new subsidiaries will manage the operation of PLN's
power plants in Java and Bali, while PLN acts as the holding
company," Djiteng told reporters after the signing ceremony here
yesterday.
Pembangkitan I, with a paid-up capital of Rp 2 billion, will
manage PLN's power plants, including the Suralaya coal-fired
plant, Saguling hydro-power plant, both in West Java, the Tambak
Lorok steam power plant in Semarang, and steam and gas power
plants in Bali.
Pembangkitan II, with a paid-up capital of Rp 3 trillion, will
manage PLN's power plants including the Paiton coal-fired power
plant, Karangkates hydro-power plant, Gresik steam power station,
Grati steam power plant, all in East Java, and the Cirata hydro-
power plant in West Java.
The power generation plants to be managed by each of the two
subsidiaries have a total capacity of 6,000 megawatts.
Djiteng said the two subsidiaries will be managed efficiently
to allow them to compete with two privately-operated power
generation units in Paiton, East Java. These private generators
will have a combined capacity of 2,400 megawatts.
He said PLN will buy power through its centralized procurement
division, from private generation plants and from its
subsidiaries.
"The prices offered by the private suppliers and the PLN
subsidiaries should be competitive," he said.
Djiteng said that the two subsidiaries will make preparations
for going public through the domestic stock markets and New York
Stock Exchange in April 1997.
Firdaus Akmal was installed yesterday as the president of the
Pembangkitan I and Ida Bagus Nurtjahja Manuaba as its chief
commissioner.
Adi Satriya was installed as the president of Pembangkitan II
and Muslim Abuhudjus as its chief commissioner.(04)