Pertamina pays $76m for more stake in TPPI
Tuesday, October 27 2015 - 02:30 AM WIB
State owned oil and gas firm PT Pertamina (Persero) has acquired another 21.98 percent stake in PT Trans Pacific Petrochemical Indotama (TPPI), paying the owner of the stake, Argo Capital BV, as much as US$76 million, according to a senior official of Pertamina.
Pertamina's Finance Director Arief Budiman said recently in Jakarta that Pertamina signed the Sale Purchasing Agreement (SPA) on Sept. 9, 2015 and completed the transaction on Oct. 13, 2015.
The acquisition brought Pertamina?s ownership to 48.59 percent. Meanwhile, the Ministry of Finance?s Asset Management Company (PPA) has a 19.16 percent stake.
"So the Government of Indonesian through Pertamina and PPA has a total of 67.75 percent shares in TPPI," he said.
Arief explained that although the government already holds a large stake in TPPI, it doesn?t mean it now holds control of the firm, noting that many important decisions require approximately 66.67 percent or even 75 percent of votes.
Editing by Johannes Simbolon