Bina Puri acquires subsidiary in Indonesia

KUALA LUMPUR: Bina Puri Mining Ventures Sdn Bhd, a subsidiary of construction and property developer Bina Puri Holdings Bhd, has acquired a new subsidiary for a total cash consideration of 2.281 billion rupiah (RM807,600).

Bina Puri Holdings said on Wednesday, Aug 11, that its subsidiary had acquired 1.6 billion ordinary shares of 1 rupiah each in Indonesia-based PT Megapower Makmur, representing 80% of the total issued and paid-up share capital of 2 billion rupiah.

"The principal activity of PT. Megapower Makmur is to operate 2MW power plants for power supply. PT Megapower Makmur has set up two 2MW power plants in Toboali and Muntuk, both in Bangka Island to supply power to the Perbadanan Letrik Negara, Indonesia,” Bina Puri said in its statement.

The company does not expect the acquisition to have any material effect on the earnings of Bina Puri Group for the financial year ending Dec 31, 2010.