State-owned oil and gas producer PT Pertamina (Persero) and PT Patra Niaga today announce a disposal plan of 66.67% stakes in hotel chain, office building, and housing rental operator, PT Patra Jasa.
In a formal announcement published today, Pertamina and Patra Niaga will set a private placement for Patra Jasa sale in a bid to lure potential strategic investors.
Pertamina has mandated state-owned assets care taker PT Perusahaan Pengelola Aset to manage the private placement and lawyer consultant Melli Darsa & Co.
Pertamina is now 99.98% controlling shareholder in Patra Jasa, while Patra Niaga owns 0.02% stake. The sale will be held in three stages, registration and filing, due diligence, and bid and deal settlement.
For those who are interested to the sale, registration will be available on October 8- October 26 2010, due diligence stage is scheduled on October 13- November 1 2010, and bid and settlement will be started on November 3-December 16 2010.
How about potential investor?
They have to meet the requirements provided by Pertamina. Individual or institution investors are allowed to participate the sale. They should be founded at least in 3 years and not in negative equity in the last 3 years.
Potential investor should not have conflict of interest with Pertamina, Patra Niaga, and Patra Jasa. They have strong commitment and financially ability to meet the payment.
Disclosure: No position at the stock mentioned above.
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