VDH in RI's consortium

Tue, 29 Jul 1997 | Source: REUTERS

SINGAPORE (Reuter): Infrastructure-based Van der Horst Ltd said yesterday it has agreed to take a 25 percent stake in a consortium collaborating on development of a joint venture company for an Indonesian power plant, with a first phase costing an estimated US$150 million.

Van der Horst (VDH) said in a news release the consortium would bid to build and operate the gas-fired combined cycle power generation plant on Batam island.

The consortium comprises Brighton Ltd (BL), P.T. Repindo Nusa Jaya, P.T. Kresna Tara (KT), Tractebel S.A. [TREB.BR], Itochu Corp and VDH.

VDH Executive Chairman Johanes Kotjo has a deemed interest of 15 percent each in BL and KT, while Van der Horst director Bambang Trihatmodjo has a deemed interest of 55 percent in each.

The project is not expected to have any material impact on group earnings per share and net tangible assets for the financial year ending September 30, 1997, VDH said.

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