Australia-based company Arcadia Energy Trading (AET) will acquire 65% stake in PT Aek Simonggo Energy, a subsidiary of PT Pembangunan Graha Lestari Indah Tbk (PGLI).
In an official statement, previously PGLI held 99% stake in Aek Energy. However, Arcadia plans to acquire 65% stake in Aek Energy.
Arcadia is a commodity trader based in Australia, dealing in physical commodities and derivatives products in the energy sector. Arcadia has a wealth of experience across financial markets (International Oil Markets, Australian Electricity Market, Soft Commodity FX and interest rates markets).
Arcadia Energy Trading is a wholly owned subsidiary of Farahead holding Ltd and part of a group of companies which include: Golae LNG Ltd, Arcadia Petroleum Ltd, Frontline Ltd, Smedvig asa, Seadrill, and several associated companies such as Oakvale, Carbon Energy, Hill Michael, Water & Carbon Group, Moore Stephens, and Evolve Energy.
Disclosure: No position at the stock mentioned above.
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