Pertamina to sign Rekin acquisition early December

By Godang Sitompul

State-owned oil and gas firm PT Pertamina expects to be able to sign a sales and purchase agreement early December with fertilizer firm PT Pupuk Sriwijaya to acquire the latter?s 90.5 percent stake in PT Rekayasa Industri (Rekin), Indonesia?s largest engineering company.

?We already have the valuation for the Rekin shares. We hope the sales and purchase agreement can be signed in early December,? VP for Communications at Pertamina, Ali Mundakir told Petromindo.com Thursday, but did not provide details.

Editing by Reiner Simanjuntak