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View all search resultsAKR buys out BP’s retail business in Indonesia
AKR Corporindo has agreed to acquire the British energy giant's 49.9 percent stake in their fuel retail joint venture for $14.22 million.
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A photograph taken on April 30, 2022, shows the logo of multinational oil and gas company BP at a gas station in Tonbridge, south-east of London. (AFP/Ben Stansall)
B
ritish energy giant BP is exiting the Indonesian fuel retail market with a sale of its stake to its Indonesian joint venture partner, AKR Corporindo, for US$14.22 million.
In a material disclosure on Monday, AKR corporate secretary Arum P. Handayani said the company's subsidiaries, PT Anugerah Krida Retailindo (AKRIDA) and PT Andahanesa Abadi (ADH), would jointly acquire 11.4 million shares held by BP Global Investments Limited, representing 49.9 percent of the PT Aneka Petroindo Raya (APR) joint venture operating BP-branded gas stations in Indonesia.
The transaction will be carried out under a share purchase agreement signed by the parties.
AKRIDA and ADH are 99.99 percent-owned subsidiaries of AKR Corporindo. AKRIDA previously held a 50.1 percent stake in APR.
Upon completion of the transaction, APR will be wholly owned by AKR's corporate group, with its ownership interest increasing from 50.1 percent to 100 percent.
“The Transaction is carried out pursuant to the Share Purchase Agreement executed by the parties. Upon completion, APR will be wholly owned by the Company Group, with the following shareholding composition,” reads the disclosure.
AKR president director Haryanto Adikoesoemo said the acquisition was intended to implement BP's agreed divestment of its stake in APR as part of the British energy giant's strategy to simplify its business portfolio.
