Indonesia’s Indika buys 81.95 pct stake in Petrosea

Kalimantan Coal

JAKARTA, Feb 27 (Reuters) – Indonesian coal miner, PT Indika Energy Tbk (INDY.JK) said it has agreed to buy an 81.95 percent stake in engineering firm PT Petrosea Tbk (PTRO.JK) from Clough International Singapore Pte Ltd for $83.8 million.
“Petrosea’s mining capability provides us with immediate scale and depth to our becoming a leader in the energy sector,” Indika’s president director Arsjad Rasjid said in a statement to the stock exchange late on Thursday night.
“The acquisition of Petrosea is a logical next step in our growth,” he added.
Indika controls 46 percent of Indonesia’s third-largest coal miner, PT Kideco Jaya Agung.
Indika’s shares closed up 3.4 percent at 1,510 rupiah per share on Thursday, while Petrosea’s share price jumped 19.7 percent to 9,100 rupiah.
The firm did not give any details about when it would hold a tender offer for the remaining shares.
(Reporting by Andreas Ismar; Writing by Dicky Kristanto; Editing by Sara Webb)

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