Datang Group Nears Agreement to Acquire Majority Stake in Three Indonesian Thermal Power Plants for US$400 Million

Dec. 28 (Bloomberg) -- Datang Group is close to reaching an agreement to buy a majority stake in three thermal power plants in Indonesia for about USD400 million, Bloomberg said, citing people familiar with the matter. Datang Group is in advanced talks with PT Dian Swastatika Sentosa to acquire a 75 percent stake in the latter's three independent thermal power plants with a combined installed capacity of 600 MW, the sources said. The sources also said an announcement could be made as early as this week, but talks could still be delayed or break down.

According to data compiled by Bloomberg, Indonesian conglomerate PT Sinar Mas Tunggal is the largest shareholder of DSS, with a 59.9 percent stake, while the rest of the shares are held by the public.

Publicly available information shows that Datang Group, founded on Dec. 29, 2002, is a state-owned mega energy enterprise directly managed by the central government, with its main business covering six sectors: power, coal, finance, overseas, coal chemical and energy services. As of December 2018, Datang Group's installed thermal power capacity outside of China was 0, according to the chart of power generation assets released on the official website of Datang Group.