---
title: "Kaishan Group's subsidiary signs SMGP minority equity acquisition agreement with SUPRACO"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/250363833.md"
description: "Kaishan Group's wholly-owned subsidiary OTP Geothermal Pte., Ltd has signed an agreement with PT Supraco Indonesia to acquire all shares of the Indonesian geothermal company SMGP for USD 3 million. Upon completion of the transaction, OTP will hold 98.57% of SMGP, while KSO will hold 1.43%, achieving 100% control. At the same time, PT Kaishan Orka Indonesia has signed a joint venture agreement with Supraco and will sign a sales agency agreement with Zhejiang Kaishan Energy Equipment Co., Ltd in the future"
datetime: "2025-07-28T08:30:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/250363833.md)
  - [en](https://longbridge.com/en/news/250363833.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/250363833.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/250363833.md) | [繁體中文](https://longbridge.com/zh-HK/news/250363833.md)


# Kaishan Group's subsidiary signs SMGP minority equity acquisition agreement with SUPRACO

According to the Zhitong Finance APP, Kaishan Group (300257.SZ) announced that its wholly-owned subsidiary OTP Geothermal Pte., Ltd. (hereinafter referred to as "OTP") holds 95% of the shares in the Indonesian company Sorik Marapi Geothermal Limited (hereinafter referred to as "SMGP"). PT Supraco Indonesia (hereinafter referred to as "Supraco") holds 5% of SMGP. SMGP holds the permits and power purchase agreements for a 240 MW geothermal power generation project in Indonesia. Currently, the geothermal project has completed five phases of development, with a cumulative power generation of nearly 1.2 million megawatt-hours in 2024. For the fiscal year 2024, audited by Ernst & Young, SMGP has total assets of USD 1.245 billion, net assets of USD 473 million, and revenue of USD 100 million.

Recently, OTP and the company's wholly-owned subsidiary KS Orka Renewables Pte. Ltd. (hereinafter referred to as "KSO") signed a Conditional Share Purchase Agreement with Supraco to collectively acquire all shares of SMGP held by Supraco for a total cash consideration of USD 3 million. After meeting the closing conditions of the share purchase agreement, the parties will proceed with the share transfer.

Upon completion of the transaction, OTP will hold 98.57% of SMGP, and KSO will hold 1.43% of SMGP, meaning the company will hold 100% of SMGP. Executives from Supraco will no longer serve as directors or supervisors of SMGP.

On the same day, the company's wholly-owned subsidiary PT Kaishan Orka Indonesia (hereinafter referred to as "KOI") signed a Joint Venture Agreement with Supraco. After the establishment of the joint venture, the joint venture will sign a Sales Agency Agreement with the company's wholly-owned subsidiary Zhejiang Kaishan Energy Equipment Co., Ltd. (hereinafter referred to as "Zhejiang Energy"). Zhejiang Energy grants KOI and Supraco exclusive agency rights for the company's ORC module power station equipment in Indonesia for a period of 18 months. If the joint venture's sales reach the specified assessment scale within this period, the agency rights will be automatically extended for another 12 months

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