Capitalinc acquires Indo Kilang
Wednesday, March 8 2017 - 03:28 AM WIB
IDX-listed investment company PT Capitalinc Investment Tbk said it has acquired the entire shares in PT Indo Kilang Prima (IKP), which is engaged in oil and gas downstream business, as part of diversification strategy.
The company said in a statement on Tuesday that IKP was acquired on March 3 with a total transaction value of Rp 11 billion.
The company said the acquisition of IKP will contribute to its revenue stream. No further details were provided.
According to previous reports, Indo Kilang planned to build a 3,000 bpd oil refinery in Padang Lawas, North Sumatra Province, with crude supply expected among others to come from PT EMP Tonga, a subsidiary of IDX-listed PT Energi Mega Persada. As per August of last year, construction of the refinery project was not yet completed.
Editing by Reiner Simanjuntak