Indika Energy announces internal restructuring
Wednesday, April 17 2013 - 02:10 AM WIB
IDX-listed PT Indika Energy Tbk. reported that its wholly-owned subsidiary PT Tripatra Engineers and Constructors (TPEC) has signed and concluded sale and purchase agreement (SPA) with PT Indika Logistic & Support Services (ILSS) in relation to the sale of 95.0 percent ownership in PT Kuala Pelabuhan Indonesia (KPI).
Indika Energy through ILSS has developed its strategy in land logistics and port management to cover the Indonesian energy logistics market, and to an extent, the eastern part of Indonesia, the company said in a statement received Tuesday.
ILSS will carry forward the strong presence of KPI in Papua and to extend ILSS? presence for future opportunities in the area by leveraging KPI?s long-standing expertise.
?This internal restructuring will strengthen further our energy platform. It will leverage Indika Energy?s in-depth understanding of local market context and create synergies with our activities in Papua,? said Arsjad Rasjid, Co-CEO of Indika Energy.
KPI operates port and logistics facilities in Papua Province, Indonesia, providing integrated operations, logistics, maintenance and port management exclusively for PT Freeport Indonesia.
Editing by Reiner Simanjuntak