PGN does not need to hold shareholders meeting to acquire Pertagas: Official
The Jakarta Post
State-owned gas distributor PT Perusahaan Gas Negara (PGN) does not need to hold an extraordinary shareholders meeting in connection with its plan to acquire PT Pertagas, a subsidiary of state-owned energy company Pertamina, an official has said.
“[The acquisition] does not need to seek an agreement through a shareholders meeting,” said the State-Owned Enterprises (SOEs) Ministry's deputy for mining business, strategic industry and media affairs, Fajar Harry Sampurno, in Jakarta on Tuesday as reported by kontan.co.id.
He said such a meeting did not need to be held because the value of the transaction was small (US$2.5 billion), below the limit that required such a meeting.
Pertamina and PGN had teamed up to establish a state-owned oil and gas holding company, for which the government had appointed Pertamina as a leading company in the holding.
The acquisition of Pertagas by PGN is a follow-up of the establishment of the SOE Oil and Gas Holding. (bbn)
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