CG Power and Industrial Solutions Limited has confirmed the sale of assets belonging to its non-operating Indonesian subsidiary, PT CROMPTON PRIMA SWITCHGEAR INDONESIA (CPSI). The assets are being purchased by the existing minority shareholder, PT Prima Layanan Nasional Enjiniring (PLNE), for a total consideration of IDR 155 Billion. CPSI has been classified as a discontinued operation since FY 2022-23, and the transaction is not expected to have any adverse financial impact on the parent company’s statements.
Divestment of Non-Core Indonesian Assets
CG Power and Industrial Solutions Limited announced today, February 25, 2026, the execution of an agreement for the sale of assets belonging to its Indonesian subsidiary, PT CROMPTON PRIMA SWITCHGEAR INDONESIA (“CPSI”). CPSI was jointly held by CG International Holdings Singapore Pte Ltd. (a wholly owned subsidiary of CG Power) with 51%, and PT Prima Layanan Nasional Enjiniring (PLNE) holding the remaining 49%.
Transaction Details and Consideration
The agreement involves PLNE purchasing all Factory Assets of CPSI, including Land, Plant and Machinery, and Equipment. The total consideration agreed upon for this slump sale is IDR 155 Billion (one hundred fifty-five billion Indonesian Rupiah). The expected date for the completion of this sale/disposal is targeted for March 31, 2026.
Financial and Operational Context
CPSI has been designated as a non-operating entity and treated as a discontinued operation in the Company’s financial statements since the Financial Year 2022-23. The consideration received from this transaction will be utilized by CPSI to clear its external liabilities, with the remaining balance allocated towards settling shareholder loans. Importantly, the management confirms that there will be no adverse financial impact on the consolidated financial statements as a result of this transaction.
Buyer Identification
The buyer is identified as PT Prima Layanan Nasional Enjiniring, Indonesia, which currently holds a 49% stake in CPSI. The disclosure confirms that the buyer does not belong to the Promoter/Promoter Group or any associated group companies of CG Power and Industrial Solutions Limited. Furthermore, this transaction is explicitly stated not to fall within the definition of a related party transaction for the purpose of this sale.
Source: BSE
