Austindo to sell stake in Pearl Energy
Monday, January 30 2006 - 02:19 AM WIB
Tahija family-controlled Indonesian firm Austindo Group on Friday announced to have sign option agreement to sell its 48.3% stake in Singapore-based oil exploration company Pearl Energy Ltd. to Aabar of the United Arab Emirates for S$418 million.
The deal values each Pearl Energy share at S$1.95 per share, which is a 13% premium to Pearl's closing price of S$1.73 Friday.
The purchase is expected to be concluded sometime between March 2 and April 28, and Aabar will follow up with a general offer for the remaining shares in Pearl Energy, Austindo and Aabar said in a joint statement to the Singapore Exchange.
Pearl Energy has a portfolio of exploration, development and production rights in 10 contract areas covering approximately 34,500 square kilometers of gross acreage in Indonesia, Thailand and the Philippines. (robert)