VIVAnews – PT Indika Energy Tbk. (INDY) had signed an acquisition agreement of 81.95 percent PT Petrosea Tbk.'s shares, which were owned by majority stock holder Clough International Singapore Pte. Ltd. valuing US$83.8 million.
The agreement signing was formed in a conditional sale and purchase agreement (CSPA).
The CSPA signing process was made as the follow-up of a due diligence result that was a part of the transaction process. Other than that, the company was complied to the sale price which had been signed previously in the Heads of Agreement on Feb. 26 2009.
”We are happy to complete the transaction process and believe in the performance suistanability of both companies,” said the managing director of Indika Enervy Arsjad Rasjid in a press conference received by VIVAnews in Jakarta on Tuesday, April 14.
He said that the agreement signing was expected to create a synergy between two companies for supporting the business performance.
Both companies expected that the acquisition would be done before June 2009. Nevertheless, the acquisition would have to be approved by the stock exchange authority and stock holders.
Later, a tender offer on Petrosea minority stock will pursue the acquisition process. The details on the tender offer process would be announced.
The Petrosea acquisition is going to increase Indika Energy's market position, mainly related to the company's ability in construction engineering, mining operation, and off-shore logistics.
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Translated by: Ariyantri E. Tarman
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