Manhattan Resources completes acquisition of majority stake in Indonesian power supplier for US$36 mil

SINGAPORE (June 29): Manhattan Resources has completed the acquisition of a majority stake in PT Kariangau Power (PT KP) after obtaining shareholders’ approval at an Extraordinary Meeting held on Wednesday.

The acquisition was completed through SLM Holding, a wholly-owned subsidiary of Manhattan Resources, for US$35.7 million ($48.2 million).

“This proposed acquisition of a 92.18% stake in PT KP is in line with the group’s strategy to add new revenue streams to broaden our earnings base, and will allow MRL to tap into the growing demand for electricity in Indonesia. In addition, the energy-related business is also an extension of our existing coal barging business,” says David Low, CEO & Managing Director of Manhattan Resources.

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