Humpuss plans to acquire gas trading firm

IDX-listed shipping company PT Humpuss Intermoda Transportasi Tbk plans to acquire a gas trading company as it seeks to enter gas distribution business in the country.

Humpuss President Director Theo Lekatompessy said on Wednesday that his company wants to have a majority 51-75 percent stake in the target company.

He declined to disclose the identity of the target company due to confidentiality agreement, but said that it has gas sources in the eastern part of Indonesia.

He said that due diligence process has started three months ago, but did not say when the planned acquisition would be realized.

He added that the company would seek loans to help finance the acquisition, or raise funds via rights issue.

Humpuss allocates US$154 million for capital expenditure in 2016, lower than the $315 million allocated for 2015. The company plans to acquire 15 new vessels in 2016 including LNG tankers. (*)