Java Star acquires jack-up drilling rig

By Peni Pedriawan

KS Energy Limited said that its indirect subsidiary, PT. Java Star Rig has acquired a jack-up drilling rig named ?KS Java Star? from its another indirect subsidiary, Mineral Energy Reserves Driller Inc, for a consideration sum of US$68.2 million.

Following the rig acquisition, the company?s subsidiary, KS Drilling Pte Ltd (KS Drilling) has sold its 95 percent interest in the issued share capital of PT Java Star Rig to PT KS Drilling Indonesia for a consideration sum of US$950,000, the company said in a press statement recently.

KS Drilling continues to hold a 49 percent interest in the issued share capital of PT KS Drilling Indonesia with PT Citra Agramasinti Nusantara (PT CAIN) holding the remaining 51 percent interest in PT KS Drilling Indonesia.

Its Executive Chairman, Chief Executive Officer and Controlling Shareholder, Kris Taenar Wiluan and his sister, Hedy Wiluan, respectively holds 60 percent and 40 percent of the issued share capital of PT CAIN.

Kris Taenar Wiluan is therefore deemed to be an ?interested person? for the purposes of Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited. Accordingly, the Java Star Sale constitutes an ?interested person transaction? for the purposes of Chapter 9 of the Listing Manual and was approved by the Shareholders at the extraordinary general meeting held on 7th December 2012.

None of the directors or substantial shareholders of the company has any interest, direct or indirect, in the Rig Acquisition and the Java Star Sale, save for their shareholdings in the company and the interest of Kris Taenar Wiluan as disclosed above.

Editing by Benget Besalicto Tnb.