JAKARTA - PT Indika Energy Tbk plans to sell all of its ownership in PT Petrosea Tbk (PTRO). The company owned by the conglomerate Agus Lasmono Sudwikatmono will raise funds of IDR 2.1 trillion.
"The Company and PT Caraka Reksa Optima (CARA) have signed a Conditional Share Purchase Agreement (PPJB) in connection with the planned sale of all shares owned by the Company in PT Petrosea Tbk, on February 18 with an effective date of February 25," wrote Corporate Secretary Indika Adi Pramono. through information disclosure, Tuesday 1 March.
Adi explained, based on the PPJB the Company intends to sell all 704,014,200 shares representing 69.80 percent share ownership in PTRO.
The agreed valuation for all shares in PTRO is equivalent to USD 210 million. "Thus, the estimated sales value of the Proposed Transaction is 146.58 million US dollars," Adi added.
If using the exchange rate of Rp. 14,316 per US dollar, the estimated amount of funds obtained by Indika from the sale of PTRO is equivalent to Rp. 2.1 trillion. This figure is even higher than PTRO's share price at the close of trading Friday, February 25, at Rp2,820.
As for the price of Rp.2,820, the transaction value of the sale of PTRO shares is around Rp. 1.98 trillion.
Adi added that the completion of the Proposed Transaction is subject to the fulfillment of several preliminary requirements as stipulated in the PPJB, including the determination of fair value by an Independent Appraiser. After the Proposed Transaction is completed, PTRO will no longer be a subsidiary of Indika and will not be consolidated in the Company's financial statements.
Adi also said that the implementation of the Proposed Transaction will not have an impact on the operational activities, law, financial condition or business continuity of the Company. "This Transaction Plan is a strategic step for the Company as one of the Company's diversification strategies," Adi added.
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