A general description of the company
PT Putra Indotenaga is a subsidiary of PT Indonesia Power which was established since 20 Desember 2013 based on certificate No. 24 Notary Muhammad Hanafi, SH and legitimated Ministry Law and Human Rights RI No. AHU-68318.AH.01.01 2013 dated December 24, 2013, located in Jl. Jend. Gatot Subroto Kav. 18 Jakarta.
PT Putra Indotenaga have business in the form of activities in the field of electricity and energy, equity participation and ownership shares (participating interest) within and outside the country and conduct other business related to the company’s activities.
Shares of PT Putra Indotenaga: PT Indonesia Power of Rp 143.748 billion (99.99%) and YPK PT Indonesia Power amounting to Rp 1,000,000 (0.01%). The authorized capital of Rp. 574 996 000 000, – and paid up capital of Rp. 143 749 000 000,-
Background Establishment PT Putra Indotenaga
- One of business development programme PT Indonesia Power is Rajamandala hydropower project, where in order to run the project PT Indonesia Power together KPIC Netherland BV (KPN) has established subsidiaries (JVC) named PT Rajamandala Electric Power (REP) with the percentage of ownership of IP: KPN = 51%: 49%.
- REP has signed a Power Purchase Agreement (PPA) with PT PLN (Persero). Funding of the project will be done with the project financing scheme with DER 75:25. The Protek funding as lenders of the loan JBIC and Mizuho.
- With project financing scheme, the shareholders REP required by lenders to share pledge, where the position of PT Indonesia Power as restricted subsidiaries in accordance with the Global Bond Indenture PT PLN (Persero), the IP is not allowed to give a share pledge.
- To meet the requirements of share pledge of such lenders, PT Indonesia Power needs to do a corporate restructuring by establishing a new subsidiary which would then be designated as unrestricted subsidiary of PT PLN (Persero).
- Study the legal aspects of legal counsel O’Melveny & Myers LLP dated August 30, 2013 stated that the establishment of a new subsidiary does not violate global bond indenture and does not require the approval of the Trustee (be reported to the Trustee only).
- Verification DMR No. 079.DMR / PPU / 2013 entitled Establishment of Subsidiary Investment Holding dated October 11, 2013.
- The establishment of a new subsidiary called PT Putra Indotenaga based on Deed 24 Notary Muhammad Hanafi, SH dated December 20, 2013 and ratified in Decree No. Menkumham AHU-63138.AH.01.01 2013 dated December 24, 2013.
- PT Putra Indotenaga through the Transfer Agreement and the Novation Agreement Sponsor Date August 20, 2013 signed on May 6, 2014 received a transfer of shares in PT. REP as the capital injection PT. Indonesia Power & PT Putra Indotenaga.
In accordance with the articles of association, the purpose and objectives of the Company is conducting business into electric power and energy based on the principle of industrial and commercial sound by applying the principles of Limited Liability Company.
To achieve the objectives mentioned above the Company may carry out business activities covering:
- Conducting business activities in the field of electricity;
- Running a business in the field of electricity and energy related directly or indirectly with the letter a;
- Invested in shares and participating interests in ownership and abroad;
- Conducting other business relating directly or indirectly to the activities of the Company referred to the letters a through c in order to make the most of the potential possessed by the Company.