Pertamina increases stake in Maurel & Prom to 64.46%

Indonesia?s state-owned oil and gas firm PT Pertamina announced Thursday it has increased its share ownership in Maurel & Prom, an independent oil company listed in Euronext Paris, to 64.46 percent following the completion by its subsidiary of the first stage tender offer on Wednesday.

PT Pertamina Internasional Eksplorasi dan Produksi (PIEP), a Pertamina subsidiary managing its overseas upstream assets, in August of last year acquired 24.53 percent shares in Maurel & Prom from Pacifico for 201.1 million euros following a July 31 agreement. As part of the transaction, PIEP was to make a tender offer on the remaining shares in Maurel & Prom under the same conditions as those offered to Pacifico and on 2019 and 2021 convertible bonds at their par value plus accrued interests.

?The result of the tender offer has been announced by the Autorit? des march?s financiers (AMF) France on January 25, 2018 local time. As per February 1, 2017, PIEP will control as many as125,924,574 shares and voting rights in Maurel & Prom, which is equal to 64.46% shares, and 63.35% voting rights in Maurel & Prom,? Pertamina said in the statement.

In addition, PIEP will also own 6,845,626 units of ORNANE (bonds that can be converted into shares and cash) maturing in 2019, or equal to 46.70 percent of the outstanding 2019 ORNANE.

PIEP will also hold 3,848,620 units of 2021 ORNANE, equal to 36.88 percent of the outstanding 2021 ORNANE, the statement said.

The price per unit of the 2019 ORNANE is 17.28 euros (nominal price plus interest of 0.02 euro), while the price per unit of the 2021 ORNANE is 11.05 euros (nominal price plus interest of 0.03 euro)

PIEP will make a second tender offer, to be announced later by AMF.

Editing by Reiner Simanjuntak