Jakarta, CNBC Indonesia – PT MNC Energy Investments Tbk. (IATA) has officially started the acquisition process of PT Suma Sarana, which is engaged in the oil and gas industry. This acquisition marks the entry of the MNC Group business group into the national oil and gas industry.
In the disclosure of information quoted on Monday (18/4/2022), IATA said that the acquisition process was carried out in two stages. First, the company through PT Bhakti Migas Resources bought 49% stake in Suma Sarana.
Second, 36% of the shares were acquired in the form of PPJB (Binding Sale and Purchase Agreement) which will be upgraded to AJB after obtaining government approval for a change in Controlling Shareholder.
“After the Government approves the 36 percent acquisition, IATA through BMR will control 85 percent of SS shares,” the company wrote.
The issuer owned by Hary Tanoesoedibjo will later control the exploration opportunity which is estimated to accommodate 30 trillion cubic feet (tfc) of natural gas in the Semai III Block. Then, the acquisition of Suma Sarana allows the company to profit from the oil and gas deposits around the Tangguh, Asap, Merah, Pulau Seram, Andalan (Semai V) Gas Fields and the Abadi and NW Shelf Gas Fields.
“In the future, IATA will invite international operators to partner in operating the Semai III Block. This is one of the Company’s strategies in order to reduce capital expenditure and increase production efficiency,” he wrote.
The acquisition of a mining company was first carried out by IATA when it took over PT Bhakti Coal Resources (BCR) which has 9 Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra. Not long ago, IATA again planned to acquire another company, namely Suma Sarana.
The company also plans to engage in contracting, logistics & transportation, trading, and other businesses in the future.
“IATA will also continue to focus on exploration activities to find new reserves and establish long-term sales contracts with buyers. The Company’s management believes that all efforts taken will further encourage IATA’s performance and profitability to accelerate among its competitors and bring a positive impact to shareholders, ” he said.
(hps/hps)
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