China Datang Buys Indonesian Power Plants for $394 Million (1)

China Datang Corp. has bought a majority stake in PT Dian Swastatika Sentosa’s thermal power plants in Indonesia for $394 million.

The state-backed energy giant acquired a 75% stake in a DSS’s subsidiary that operates the plants, according to an exchange filing published on Tuesday, which confirmed an earlier Bloomberg News report. DSS will remain as a minority shareholder for the assets.

The transaction will support DSS to further develop its power generation business and diversify its portfolio, the company said in the statement. Shares of DSS rose as much as 5.2% on Tuesday in Jakarta.

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