Pembangunan Graha build power plant worth US$10.8 mio

21/10/2010

Irvin Avriano A.

Pembangunan Graha build power plant worth US$10.8 mio

JAKARTA: PT Pembangunan Graha Lestari Indah Tbk will build three hydroelectric plant with a total construction contract worth US$10.8 million in North Sumatra. The projects are Sri Wampu I and II hydroelectric plant in Langkat, also Parlilitan hydroelectric plant in Humbang Hasundutan.

The construction will done through their subsidiary PT Aek Simonggo Energy, together with Arcadia Energy Trading Pty Ltd. The development will make Aek Simonggo will have 35% stake in the project with US$500,000 capital to acquire land bank and Arcadia will use the project cost to build the construction.

Based on the information disclosure to stock market authority yesterday, Pembangunan Graha Lestari Director Hendry Wigin said the company will sell the electricity from those power plant to PT Perusahaan Listrik Negara (PLN).

The power plant project will also embrace China-based Changsa Meineng Electric Equipment Company to be responsible for its development series, started with architecture, turbine procurement, and also the construction itself.

Sri Wampu I project predicted can contribute profit to Medan-based Pembangunan Graha Lestari with minimum amount of IDR11.74 billion per year, or 35% from the company's average total profit before tax amounted to IDR33.56 billion. The company expect the payback period will end in 6 years and 8 months.

The plan also will make the company that commandeered by Jaegopal Hutapea must switch their core business from hotel sector to renewable energy and need an approval from its shareholder. The approval will be ask in the extraordinary general shareholder meeting (EGM) that will be held in short term.

The emitters shareholder that recorded on last month are PT Alam Lestari Investindo with 46.52% portion, PT Nictyfrank Hutama Arta 12.77%, and UOB Nominees Pte Ltd 21.16%.

The company's stock that coded PGLI doesn't liquid and still perch on IDR73 level per share. The share price ever reached IDR101 level on December 29th, 2009.