Pertamina invites bidders to buy Patra Jasa

State oil and gas company PT Pertamina is ready to sell two thirds or 66.67 percent of its stake in property firm PT Patra Jasa worth more than Rp 2.37 trillion (1US$ = Rp 8,920).

The company announced its plan in several national media outlets on Thursday. The sale would be held through a private placement scheme.

?In accordance with the base price system, strategic investors which are interested in buying our stake must quote higher than Rp 2.37 trillion,? the announcement read.

Pertamina holds 99.98 percent in Patra Jasa.

Pertamina plans to divest its stakes in Patra Jasa as part of its plan to focus on its core business.

Either national or foreign companies are allowed to buy the stake, but foreign bidders can only buy up to 51 percent of the stake.

Registration of bidders will be held from Oct. 8 through 26 and the winnner is expected to be announced in November-December this year.(giok)