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AKR sets up new subsidiary to run electricity business

Fuel distributor AKR Corporindo is looking to enter the power plant business, having set up an energy company through subsidiaries to supply its under-construction industrial estate in East Java.

The publicly listed company announced in a written statement submitted to the Indonesia Stock Exchange (IDX) website on Monday that the company had established a Surabaya-based company, Energy Manyar Sejahtera, through its subsidiaries Usaha Era Pratama Nusantara (UEPN) and Andahanesa Abadi (ADH).

The newly established company is a joint venture between UEPN and ADH and two other firms, Santiniluwansa Lestari and Amanah Indo Invest.

UEPN and ADH hold a 75 percent combined stake in the new firm, while Santiniluwansa and Amanah own the remaining 25 percent, AKR Corporindo corporate secretary Suresh Vembu told The Jakarta Post over the phone.