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Elnusa sells shares in IMN for Rp 598 billion
Wed, 07/01/2009 12:33 PM | Business
JAKARTA: Local oil and gas service company PT Elnusa has divested all of its shares in an information and communication service company PT Infomedia Nusantara (IMN), in a transaction worth Rp 598 billion (US$58.58 million).
The shares were sold on Tuesday to PT Multimedia Nusantara, a subsidiary of state telecommunications company PT Telkom, Elnusa said in its official statement.
Initially, Elnusa owned 49 percent stake in IMN, which among other things manages the Yellow Pages.
The divestment was made because IMN was not one of Elnusa's core businesses, the statement added.
Half of the funds raised from the divestment will be used to acquire news assets, which include oil and gas blocks that have reached production stages.
Another 35 percent would be spent to upgrade its upstream facilities, and the remaining 15 percent would be used to finance its core business projects. - JP
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