Puan Maharani's Husband's Company Will Collaborate With Pertagas To Work On A Project Worth IDR 4.3 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Rukun Raharja Tbk is preparing a corporate action. The company coded RAJA shares will work together to work on a trillions of rupiah project with PT Pertamina Gas or Pertagas.

The scope of the cooperation will be regarding the construction and operation of the oil pipeline for the Balam - Bangka - Dumai corridor and the Minas - Duri - Dumai corridor. The project is worth US $ 300.62 million or around Rp.4.3 trillion (exchange rate of Rp.14,400 per US dollar).

Quoting Bisnis.com, Monday, March 22, as reported by the official statement of Rukun Raharja, the portion of funding for joint operations (JO) is 75 percent for Pertagas and 25 percent for the company.

Thus, the company whose shares are owned by the husband of the Chairman of the Indonesian Parliament, Puan Maharani, Hapsoro Sukmonohadi, will contribute around US $ 75.15 million to the project.

Meanwhile, Pertagas itself is a business entity of PT Perusahaan Gas Negara Tbk (PGAS) with a 51 percent share share, PT Pertamina (Persero) with a share portion of 48.99 percent, and PT Pertamina Pedeve Indonesia with 0.01 percent.

President Director of Rukun Raharja Djauhar Maulidi said that JO with Pertagas is one of the company's efforts to develop its business and expand in the transportation of oil and natural gas via pipelines.

The development of the Balam - Banglo - Dumai and Minas - Duri - Dumai corridor oil pipeline project has a length of approximately 352.43 kilometers consisting of 12 segments and 3 segment stations including supporting facilities.

Djauhar hopes that after the transaction plan becomes effective, it will significantly improve RAJA's position in its business activities so that it can provide added value for the company and the company's shareholders.

"The benefits that are expected to be obtained by the company by conducting this transaction are to increase the company's profit in the future and increase the company's investment attractiveness," wrote Djauhar.

RAJA's funding contribution of around 75.15 million dollars for the JO project represents 62 percent of the company's equity value. The total value of RAJA's equity as of September 2020 is 121.08 million US dollars.

Thus, the transaction is a material transaction that requires approval from the company's shareholders as regulated in POJK No. 17/2020 because the transaction value exceeds 50 percent of the company's equity.

RAJA plans to hold an extraordinary general meeting of shareholders (EGMS) on April 27, 2021. For information, RAJA's share ownership as of December 31, 2020, is controlled by Hapsoro Sukmonohadi or better known as Happy Hapsoro with a narrowing of 32.59 percent.

The remaining 31.54 percent is owned by Sentosa Bersama Mitra, Johan Lens 10.42 percent, and the community 25.45 percent. Happy Hapsoro is the husband of Puan Maharani who is currently the Chairman of the People's Representative Council (DPR) for the 2019-2024 period.