Tuesday, February 17, 2009

Indika Energy to Acquire Petrosea

PT Indika Energy Tbk, a company owned by tycoon Sudwikatmono, is going to acquire a 77.90% stake in a mining contractor service company, PT Petrosea Tbk, at a premium price of 68% higher from yesterday's market closing price.

Indika, which controls a 46% stake in the third largest coal mining company in Indonesia itu PT Kideco Jaya Agung, was in the final negotiation with Clough International Singapore Pte Ltd to buy a 77.90% stake in Petrosea.

Indika as of December 31, 2008 had US$367 million or IDR4.03 trillion in cash. This year, the company, which has three main business pillars-energy resources, services, and infrastructures-will also rake in US$100 million worth of dividends from its subsidiaries, US$92 million of which will come from Kideco.

No comments: