Prajogo to acquire Star Energy
Friday, September 28 2007 - 01:34 AM WIB
Tycoon Prajogo Pangestu, the owner of PT Barito Pacific Tbk., is in talk with Indonesian energy firm PT Star Energy regarding his intention to acquire the company.
“The acquisition process is now in the final phase,” a source close to Prajogo Pangestu was quoted by The Investor daily as saying Thursday.
The source said that Prajogo Pangestu has been eyeing Star Energy for a long time. However, he declined to mention the amount of funds needed to acquire the company.
Star Energy's CEO Supramu Santosa confirmed on Friday that Prajogo would acquire a majority stake in Star Energy.
"He will do it on his own rather than through Barito," Supramu told Petromindo.Com, adding that he will resign as Star's president on Nov. 1, 2007.
Privately- held Star Energy operates Kakap PSC block offshore Natuna which exports gas to Singapore and 110-MW extendable to 400-MW Wayang Windu geothermal power plant in West Java. The company also has several exploration blocks in Indonesia. (godang)