KS Energy incorporates subsidiaries
Wednesday, October 3 2012 - 02:05 PM WIB
Singapore-listed KS Energy Limited announced on Wednesday that its 80 percent owned subsidiary, KS Drilling Pte Ltd (KSDR) has incorporated PT. KS Drilling Indonesia (PT KSDRI) and PT Citra Agramasinti Nusantara (PT CAIN).
PT KSDRI is incorporated in Indonesia with an initial issued and paid up capital of US$1 million divided into one million shares at US$1 per share.
KSDR and PT CAIN had subscribed for 490,000 (49 percent) and 510,000 (51 percent) shares respectively in the initial issued and paid up capital of PT KSDRI at a subscription price of US$1 per share.
With the subscription in PT KSDRI by KSDR, PT KSDRI became a 49 pecent associate of KSDR.
By virtue of Kris Taenar Wiluan, the CEO and Director of the company, being interested in 60% of the shareholding of PT CAIN, the transaction is therefore deemed to be an interested person transaction in accordance with Rule 904 of the Listing Manual of the Singapore Exchange Securities Trading Limited (the Listing Manual).
The transaction, however, falls within the exception as provided in Rule 916 (2) of the listing manual.
It is conducted in line with the regulatory requirements of Indonesia with regards to local shareholding restrictions.
The principal activity of PT KSDRI is the provision of support services to the oil and gas industry, including the buying, selling, owning and chartering onshore and offshore rigs and associated equipment. PT KSDRI may also from time to time incorporate special purpose vehicles as its subsidiaries to hold its interest in such rigs and equipment.
The aforesaid establishment was funded by internal resources and is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2012.
Editing by Benget Besalicto Tnb.