Mitra divests sea transportation unit
Wednesday, December 3 2014 - 04:27 AM WIB
IDX-listed oil and gas services firm PT Mitra International Resources Tbk will sell its entire indirect ownership in sea transportation company PT Putri Kencana Raya to raise funds for the expansion of its oil and gas logistics subsidiary.
Mitra said in a statement to the Indonesia Stock Exchange on Tuesday that Putri is fully owned by two subsidiaries PT Pulau Kencana Raya and PT Darmasurya Intinusa.
The two subsidiaries on November 28 signed a sales and purchase agreement with PT Pilar Indah Investama and businessman Antonious Andi Susanto, in which the latter two have agreed to buy respectively 99.99 percent and 0.01 percent shares in Putri for a combined value of Rp 97 billion.
Putri?s line of business is in sea transportation, but to date it has yet to be able to run its business including in operating its sole asset, floating production storage offloading (FPSO), Mitra said.
Mitra added that proceeds from the sale will be used to help finance the expansion of Pulau Kencana Raya in the logistics and oil and gas supporting business.
Editing by Reiner Simanjuntak