PT Indika Energy Tbk (INDY) sold 51% of its shares planted in PT Mitrabahtera Segara Sejati Tbk (MBSS) for USD 41.31 million to PT Galley Adhika Arnawan (GAA). Corporate Secretary of Indika Energy, Adi Pramono, reveals this in the information disclosure today (9/8).
PT Indika Energy Infrastructure (IEI), INDYs subsidiary, and The China Navigation Co Pte Ltd (CNCo) have agreed to transfer their portion in MBSS to GAA. Based on the arrangement, IEI had sold 892,513,586 of its shares in MBSS. The valuation of the entire shares of MBSS amounts to USD 81 million. By selling 51% of IEIs shares, the transaction equals USD 41.31 million, Pramono confirms.
According to Pramono, after this transaction is finalised, MBSS would no longer be one of INDYs subsidiaries. Its achievements would also not be listed in the consolidated financial report.
As of June 2021, MBSSs entire shares amount to 1,750,026,639 units. INDY was still listed as the shareholder with 51% ownership, while UBS AG Singapore owns 25.682% and Lo Kheng and public investors (below 5% ownership) share the remaining 6.115%.