MTFN to focus on oil and gas business

PT Capitalinc Investment Tbk (MTFN) unveiled its plan to focus it business on oil and gas sector and to realize the plan, the company would divest its two subsidiaries, PT Aetna Air Tangerang and PT Cimanggis Cibitung Tollways.

Management of MTFN said that the divestment would not affect its performance given that the two subsidiaries had yet to start operation. .

Currently, MTFN holds 5 percent shares in Aetna Air and 25 percent in Cimanggis Cibitung.

However, the management would go ahead with the move only after it received approval from extraordinary general shareholders' meeting. The meeting is expected to be held on May 31, 2011.

MTFN management will use the funds from the divestment to add its working capital. (*)