PGN seeks other sources of funds to acquire 51% Pertagas shares

JAKARTA, KOMPAS.com – PT Perusahaan Gas Negara (PGN) does not fully pay the company to acquire 51% stake in PT Pertamina Gas (Pertagas). The company is seeking external funds to inject additional funds.

PGAS CFO Said Reza Pahlevy said that one-third of the acquisition funds would come from internal liquidity.

"Just calculate, Rp 16 trillion is a third how much, maybe 500 million dollars in cash internal," said Reza in Jakarta on Tuesday (3/7/2018).

Read: PGN Acquisition of 51.5 percent Pertagas shares worth 16.566 billion rupees

While the rest, two-thirds of the portion will be sought from banks or d & # 39; obligations. According to Reza, the state of PGN is healthy enough to interact with banks and markets.

"We have 90 days to complete this transaction," he said.

PGN formally acquired PT Pertagas by 51 percent. According to the evaluation of the Public Utilities Evaluation Office, the fair market value of 100% of Pertagas shares as at December 31, 2017 was $ 2,094,658 thousand

by adding 99 % of the fair market value of PTGN and 100% Reasonable 100% shares of Pertagas and

Subsidiary as at December 31, 2017 amounted to 2,397,690,000 US dollars.

If only 51% is acquired, then its participation is 1,222,822,000 US dollars or the equivalent of 16,566,795,740,790 Rp at the exchange rate in effect on December 31, 2017.