CG Power and Industrial Solutions Limited announced the divestment of its entire stake in its Indonesian subsidiary, PT Crompton Prima Switchgear Indonesia (CPSI), to PT Prima Layanan Nasional Enjiniring (PLNE). The transaction, structured as a share purchase for a nominal consideration of IDR 1, will conclude by March 31, 2026. CPSI is currently non-operational, and management confirms the sale will have no adverse financial impact on the consolidated financial statements.
Divestment of Indonesian Subsidiary Stake
CG Power and Industrial Solutions Limited confirmed the execution of an agreement to sell its entire shareholding in its step-down subsidiary, PT Crompton Prima Switchgear Indonesia (“CPSI”). The buyer is PT Prima Layanan Nasional Enjiniring (“PLNE”), an entity already holding a 49% stake in CPSI.
The transaction involves the sale of the 51% paid-up share capital held by CGS, a wholly owned foreign subsidiary of CG Power, to PLNE. The agreement was formally entered into on March 5, 2026.
Transaction Details and Financial Impact
The consideration agreed upon for the transfer of the 51% stake is a nominal IDR 1 (One Indonesian Rupiah). The disclosure highlights that CPSI is non-operational, and its contribution to the listed entity’s turnover, revenue, income, and net worth during the last financial year was NIL.
The expected date for the completion of this sale and disposal is set for March 31, 2026, subject to the fulfillment of all agreed-upon terms and conditions.
Subsidiary Status Change
Upon the closing of the transaction, CPSI will cease to be a subsidiary of CGS and, consequently, a step-down subsidiary of CG Power and Industrial Solutions Limited. Management has explicitly stated that this transaction is expected to result in no adverse financial impact on the consolidated financial statements of the Company.
Buyer Independence
The buyer, PLNE, does not belong to the Promoter/Promoter Group or any associated group companies of CG Power. Furthermore, the transaction is noted as not falling within the scope of a related party transaction for the purpose of mandatory disclosures.
Source: BSE
