Sinar Mas Group plans to inject capital to its energy and infrastructure' unit, PT Dian Swastatika Sentosa Tbk (IDX: DSSA) around Rp4 trillion (US$283.69 million) - Photo by the Company

JAKARTA (TheInsiderStories) – Sinar Mas Group’ energy and infrastructure firm, PT Dian Swastatika Sentosa Tbk (IDX: DSSA) plans to inject capital over than Rp4 trillion (US$283.69 million) funds to its two units, said the company in this week. The units are PT DSSP Power Mas Utama needs Rp4.15 trillion and PT DSSP Power Sejahtera around Rp52.73 billion.

The spokeswoman, Susan Chandra, explained both companies planned to releases new shares and will be taken by PT Energi Mas Anugerah Semesta, a unit of Dian Swastatika, which was established in April 2020 and engaged in management consulting. The two have power plant projects under PT DSSP Power Sumsel Dua in South Sumatera, which is engaged in the power generation business.

Currently, the unit has two coal-gas fired power plant Kalteng-1 and Kalteng-3 in Central Kalimantan with a capacity of 2×100 megawatts (MW), which are being rushed to be completed in this year. Dian Swastatika also has two other power plant projects, namely the Sumsel-5 with a capacity of 2X150 MW which has been operational in December 2016 and Kendari-3 with a capacity of 2X50 MW which has been operating in October 2019.

End of last year, Dian Swastatika, the company has pocketed loans $223.5 million from the state lender, PT Bank Mandiri Tbk (IDX: BMRI). The loan has a duration of 51 months with a three-month Libor interest rate plus 4.5 percent per year.

Next year, The business group founded by Eka Tjipta Widjaja is aiming to manage power plant project with a capacity of 1,100 MW with a potential investment of around $1.65 billion. The managing director, Gandhi Sulistiyanto said, so far, the company has build 900 MW of power plant projects.

While, Chairman & CEO of Golden Agri Resources Ltd., Franky O Widjaja conveyed, the power plant expansion plan is in line with the government’ plan to carry out the electricity program of up to 35 GW in five years.

Recently, the issuer has became the shareholder of telco operator, PT Smartfren Telecom Tbk (IDX: FREN), after converting the sister company’ mandatory convertible bond into shares. The converted shares were listed on the Indonesia Stock Exchange on Sept. 22 and the producer hold around 15 percent of the cellular firm. 

Written by Staff Editor, Email: theinsiderstories@gmail.com