J

AKARTA: Energy solution provider PT Indika Energy announced on Thursday that it completed the sale of a 28.75 percent stake in its subsidiary, PT Petrosea.

“Indika Energy completed a transaction for 25.21 million shares, representing a 25 percent stake in Petrosea, on Feb. 9,” Indika Energy said in a written statement submitted to the Indonesia Stock Exchange (IDX).

Indika Energy said that the purchasers were Citigroup Global Markets Limited and Macquarie Capita Pte. Limited, who would have options to buy an additional 3.78 million shares.

After the transaction, Indika Energy was left with a 69.8 percent share in Petrosea, down from 99.55 percent. Indika Energy reaped Rp 1.04 trillion (US$116.48 million) as it set the share price at Rp 36,000.

Indika Energy sold shares in Petrosea, a service provider to the oil and gas and mining industries, to meet the regulations of the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK), which asked the company to sell a minimum 16.6 percent stake in Petrosea as a consequence of an acquisition in 2009.

Indika Energy acquired Petrosea from Clough International Singapore Pte. Ltd for $83.8 million.