PT Indika Energy Tbk : Indika Energy Divests 69.8% Shares in Petrosea
March 03, 2022 at 07:01 am EST
Share
NEWS RELEASE
FOR IMMEDIATE DISTRIBUTION
1 March 2022
INDIKA ENERGY DIVESTS 69.8% SHARES IN PETROSEA
Indika Energy shows strong commitment to reduce exposure in coal business and to develop its
business with a sustainability vision
JAKARTA - On 18 February 2022, PT Indika Energy Tbk. (the "Company"), energy company with diversified business portfolio, as the seller has signed a Conditional Sale and Purchase Agreement with PT Caraka Reksa Optima ("CARA") in accordance with the proposed sale of all shares of the sellers in PT Petrosea Tbk. ("Petrosea") to CARA ("CSPA"), with effective date as of 25 February 2022.
Based on the CSPA, the Company intends to sell all of its 704,014,200 shares in Petrosea representing 69.8% of the paid-up capital of Petrosea ("Proposed Transaction") for the amount of USD 146,580,000.- based on indicative valuation of USD 210,000,000.- for 100% basis.
Petrosea is a coal mining contractor company with almost 50 years of experience and has adopted digital technology in its mining operation enabling Petrosea to significantly strengthen its operational excellence. Divesting share ownership in PTRO is part of the Company's strategy to realign its business portfolio, targeting to have 50% : 50% revenue from coal/non-coal by 2025 and to be a net-zero emission company by 2050.
According to Azis Armand, Deputy President Director and Group CEO of Indika Energy, the Company continuously reviews its business portfolio and embeds sustainability aspects in its business operations, and will focus on diversifying beyond its core sectors in energy and mining. "The proceeds from Petrosea's divestment will be used to strengthen our financials and to fund our investments for diversification which prioritizes ESG aspects to maximize the shareholders' value." he stated.
This transaction is expected to complete at the end of May 2022, subject to fullfillment of a number of conditions precedents as governed under the CSPA.
# # #
ABOUT INDIKA ENERGY
3rd Floor,
NEWS RELEASE
PT Indika Energy Tbk. ("Indika Energy") is Indonesia's leading integrated energy company through its strategic investments in the areas of Energy Resources - coal production (PT Kideco Jaya Agung, PT Multi Tambangjaya Utama); coal trading (Indika Capital Investment Pte. Ltd.); Energy Services - EPC - oil & gas (PT Tripatra Multi Energi, PT Tripatra Engineers & Constructors, PT Tripatra Engineering); EPC - contract mining (PT Petrosea Tbk. (IDX: PTRO).); Energy Infrastructure -PT Sea Bridge Shipping, PT Cotrans Asia, PT Indika Logistic & Support Services, PT Kuala Pelabuhan Indonesia); fuel storage (PT Kariangau Gapura Terminal Energi); coal -fired power plant (PT Cirebon Electric Power and PT Prasarana Energi Cirebon); Other Portfolios - gold production (Nusantara Resources Limited, PT Masmindo Dwi Area), IT enterprise (PT Xapiens Teknologi Indonesia), digital technology services (PT Zebra Cross Teknologi), green businesses (PT Indika Multi Properti, PT Empat Mitra Indika Tenaga Surya and PT PT Electra Mobilitas Indonesia).
This news release may contain certain financial information, projections, plans, strategies, and objectives of PT Indika Energy Tbk., that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law.
Neither PT Indika Energy Tbk., its affiliates nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this communication.
This news release is for information only and is not an offer to sell or an invitation to buy any securities and neither this news release nor anything herein forms the basis for any contract or commitment whatsoever.
2 of 2
Attachments
Original Link
Original Document
Permalink
Disclaimer
PT Indika Energy Tbk published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2022 12:00:01 UTC.
PT Indika Energy Tbk is engaged in trading, construction, mining, transportation, and services. Its segments include energy and other portfolio holdings. The energy segment includes energy resources and energy infrastructure. The other portfolio holdings segment includes logistics and infrastructure, minerals, green business, digital ventures. Its energy business focuses on the exploration, production, processing, energy services and electricity generation. Its logistics and infrastructure business focuses on energy sector spectrum, including roads, ports, and barges to transport the raw materials to both domestic and international power producers. Its minerals business is engaged in the development of the mineral sector, such as gold mining. Its green businesses are diversified into renewable energy, electric vehicle mobility, and nature-based solutions. Its digital ventures business is engaged in the digital space with online platforms for work and other interactions.
PT. INDIKA ENERGY TBK 
