Elnusa to form holding company
Monday, September 3 2007 - 05:04 AM WIB
Oil and gas service firm PT Elnusa will merge its four units into a holding company to focus on oil and gas upstream services business, an official with the company said Monday.
The four companies are PT Elnusa Geosains, PT EWS Oilfield Services, PT Elnusa Drilling Services and PT Riau Drillindo.
"The merger will (boost) the company's equity capital to Rp 1 trillion, hence will strengthen its capital structure," Elnusa president director, Eteng A. Salam, said.
Last month, Elnusa dropped its plan to participate in the development of a refinery plant in Cilegon, returning the project to its holding company, state oil and gas firm PT Pertamina.
Elnusa is expected to release 20 percent of its shares to the public in the end of this year.
PT Pertamina owns a 51% stake in Elnusa, Tri Daya Esta owns 46%, while other smaller investors own the remaining 3% stake. (godang)