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Indika Energy asks approval to divest its portion in Petrosea

14 April 2022 05:45

JAKARTA. PT Indika Energy Tbk (INDY) will hold the Extraordinary General Shareholders Meeting to discuss further the plan of selling the entire portion, or 69.80% of shares of PT Petrosea Tbk (PTRO).

In the information disclosure in Indonesia Stock Exchange (IDX), the INDY’s shareholders meeting is said to be scheduled for April 28, 2022. This meeting needs to take place as the divestment of PTRO’s shares will be categorised as a material transaction, as mentioned in the Financial Services Authority Regulations (POJK) No. 17/2020.

For the record, PTRO’s shares that will be divested by INDY amount to 704.01 million shares. The company and PT Caraka Reksa Optima (CRO), the receiving end of this transaction, agreed on the price of USD 146.58 billion, equivalent to IDR 2.1 trillion.

The company management also claimed that divestment of PTRO’s shares is intended to reduce the exposure towards coals businesses. It is a part of the sustainable business plan of the company to reach the net zero emission target by 2050.

PTRO is known as one of the most extensive contributor to INDY. In 2021, PTRO’s net profit reportedly reached USD 33.95 million, which was equal to 53.6% of INDY’s consolidated net profit. (KR/ZH)

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