WIKA Complets Acquisition of PT Catur Insan Pertiwi
Jakarta, November 18, 2008 – PT Wijaya Karya (persero) Tbk completed Acquisition process of PT Catur Insan Pertiwi (CIP). CIP is one of three big companies in Indonesia whose work in erection and mechanical & electrical installation for industrial projects and power plant. The sell & Purchasing deed was signed by President Director Bintang Perbowo and CIP’s shareholders i.e.; Widjanarko Tantono, Suprapto, Hastjaryo, dan Wasita at WIKA Building, Jakarta.
“We are optimistic, this agreement will make our competitiveness in EPC power plant work be more competitive, because CIP is expert company in mechanical and electrical of PLTU and PLTGU, the EPC contract is higher value than construction contracts, its mean, will support margin performance or WIKA revenue for the next years, “said Bintang Perbowo.
WIKA carried out acquisition 70,08 % CIP shares with valuation value in amount of IDR 23 billion (438 shares from internal cash of WIKA) after acquisition, the composition share ownership become: WIKA is 70,08 %, Widjanarko Tantono is 14,88%, Suprapto is 5,12%, Hastjaryo 9,92%.
The purpose of acquisition program is to support strongly non organic growth through cost efficiency and effective operation in mechanical and electrical work. Currently, WIKA has won several power plant projects at Jakarta (PLTU Muara Karang), South Kalimantan , West Java (PLTP West Java, PLTU Indramayu, PLTU Pelabuhan Ratu), Banten (PLTU Labuan Banten), at Sumatera (PLTU Labuan Angin, Sibolga) and North Sulawesi
PT Catur Insan Pertiwi is national private company which established since 1984 who has special work in mechanical & electrical construction with various experiences in power plant project, Pulp factory, mining facility and others.
Several CIP clients are PLN, PT Antam, PT Riau Andalan Pulp & Paper and PT Suba Indah. Currently, the company has certified by ISO 9001:2000 form TUV nord in Mechanical, Electrical, Construction and Fabrication for Power Plant & Industries.
Business line of CIP covers mechanical construction i.e.; installation work, erection, fabrication, pipes, duct and commissioning. The other construction works are electrical, electronic and instrumentation work.