TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsPGN eyes takeover of Pertagas’ four subsidiaries
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
A building owned of state-owned gas subholding company PGN. (Courtesy of/State-owned gas subholding company PGN )
S
tate gas company PT Perusahaan Gas Negara (PGN) is finding a way to immediately complete the acquisition of PT Pertagas, a gas subsidiary of state-owned oil and gas holding company Pertamina, whose deal to buy a 51 percent stake of Pertagas was made on June 29.
Currently, PGN currently is considering how to take over the last four subsidiaries of Pertagas – PT Perta-Samtan Gas, PT Perta Arun Gas, PT Perta Daya Gas and PT Perta Kalimantan Gas – that had not been included in the agreement.
PGN corporate secretary Rachmat Utama told journalists on Wednesday that the company was still waiting for approval from the State-Owned Enterprises (SOEs) Ministry and Pertamina for the company to take over the four subsidiaries.
"If an option to take over [four Pertagas subsidiaries] is available, we will take it," he said, adding that PGN also planned to assess the future profitability of the companies and considered merging the four companies after the takeover.
On June 29, PGN, which is in the process of becoming a gas subholding company of Pertamina, inked a sales and purchase agreement with Pertamina to buy a 51 percent stake of Pertagas, including one subsidiary, Pertagas Niaga.
Initially, the company planned to complete a payment of US$1.2 billion to buy a 51 percent stake of Pertagas on Sept. 29, but it was later postponed to November.
PGN president director Gigih Prakoso, as quoted by kontan.co.id on Sept. 25 in September, said that PGN was still waiting for document of acquisition approval from Pertamina. (bbn)
