INDIKA ENERGY SIGNS CSPA WITH CLOUGH
14 APRIL 2009, JAKARTA - PT Indika Energy Tbk (“Indika Energy”) today announced it has signed the Conditional Sale and Purchase Agreement (“CSPA”) to acquire 81.95 percent stake in PT Petrosea Tbk (“Petrosea”) from its majority shareholder Clough International Singapore Pte Ltd (“Clough) for US$ 83.8 million.
The purchase value offered to Clough, following satisfactory completion of confirmatory due diligence review of all the materials terms of the transaction, confirms the indicative purchase price previously mentioned in the Heads of Agreement, signed on 26 February 2009.
“We are pleased to have completed this significant milestone and confident that going forward this two companies will derive great synergies from each other’s capability and resources to collectively drive a more robust business pipeline,” said Mr. Arsjad Rasjid, President Director of Indika Energy.
The acquisition, subject to fulfillment of the conditions in the CSPA, as well as regulatory and shareholders’ approval, is expected to be completed no later than early June. The acquisition will be followed by a mandatory tender offer for the remaining Petrosea’s shares currently held by minority shareholders. Details relating to the mandatory tender offer will be announced at later stage.
The acquisition of Petrosea will enhance Indika Energy’s market position in the energy sector in line with Indika’s Business Model as well as capabilities in engineering construction, mine operation and offshore logistics.
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About PT Indika Energy Tbk. (http://www.indikaenergy.co.id/)
PT Indika Energy Tbk (”Indika Energy”) is Indonesia’s leading integrated energy company, providing its customers with integrated energy solutions through its diversified investments in the areas of energy resources, energy services and energy infrastructure through its strategic investments in the areas of coalproduction (PT Kideco Jaya Agung), engineering, procurement and construction services (Tripatra) and a power generation project (PT Cirebon Electric Power).
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