KS Energy, Citra Agramasinti set up oil, gas service firm

Singapore-listed KS Energy Limited said that its 80-percent owned subsidiary, KS Drilling Pte Ltd and PT Citra Agramasinti Nusantara, have agreed to set up a company, called PT Atlantic Oilfield Services.

The principal activity of PT Atlantic Oilfield Services is to provide support services to the oil and natural gas industry.

Atlantic Oilfield is incorporated under the Indonesian law with an initial issued and paid up capital of US$1,000,000. KS Drilling and PT Citra Agramasinti holds 90 percent and 10 percent equity respectively in the newly established company.

The founder of KS Energy, Kris Taenar Wiluan, who is also Chairman and CEO of the company, holds 60 percent interest in PT Citra Agramasnti. Therefore, the transaction is considered as ?interested person transaction? in accordance with Rule 904 of the Singapore Exchange Securities listing regulation. (romel/roffie)