Indonesian businessman acquires stake in Singapore's KS Energy
Wednesday, April 12 2006 - 01:35 AM WIB
Pacific Oilfields Equipment Investment Corp., which is controlled by Indonesian businessman Kris Wiluan, has agreed to buy a 29.9% stake in Singapore-based KS Energy Services Ltd. for S$181.5 million.
Oil rig refurbisher KS Energy said Tuesday its shareholder Kim Seng Holdings Pte. Ltd. sold the stake to Pacific Oilfields at S$3.05 per share, representing a 9.4% premium to the share's average price over the 30 days before its suspension on April 5.
Wiluan is the president and shareholder of JSX-listed pipemaker PT. Citra Tubindo. Wiluan intends expand his oilfield equipment business in Indonesia and the region with the acquisition.(alex)