Sugih Energy sets up new subsidiary
Monday, April 15 2013 - 08:24 AM WIB
IDX-listed PT Sugih Energy and its subsidiary PT Resources Jaya Teknik Management Indonesia (RMI) have established a new subsidiary with the name of PT Sugih EP Indonesia.
PT Sugih EP Indonesia, which is 99.9 percent owned by PT Sugih Energy, and 0.1 percent by RMI, will involve in the same business with PT Sugih Energy, which is focused on oil and gas exploration and production, the company said in a statement on Monday.
It said that the company needs to establish the new subsidiary because of its plan to further expand its business in the oil and gas sector in order to increase its profitability.
The company has placed a working capital of Rp.12.5 billion, or 12.5 percent of the total planned capital of Rp 50 billion.
RMI was established as a limited company based on the Indonesian legal system and based in Jakarta. It provides supportive services for the oil and gas exploration, particularly for procurement of rigs.
Editing by Benget Besalicto Tnb.