Chief Commissioner of Pertamina Sugiharto said the acquisition of state-owned gas distribution firm PGN would not spark protest from minority shareholders (the public) because the acquisition would ensure the company`s survival.Jakarta (ANTARA News) - The government has agreed to PT Pertaminas option to acquire PT PGN, asking the state-owned oil and gas company to make a study on its corporate action plan.
The governments agreement was stated in a document, the copy of which was made available to ANTARA here on Sunday.
The document contained the results of a meeting between State-owned Enterprise Minister Dahlan Iskan and the Board of Directors and Commissioners of Pertamina.
In the meeting which was held last Tuesday, also present were State-Enterprise Deputy Minister Dwiyanti Tjahjaningsih, Pertamina President Director Karen Agustiawan and Chief Commissioner of Pertamina Sugiharto.
Sugiharto said the acquisition of state-owned gas distribution firm PGN would not spark protest from minority shareholders (the public) because the acquisition would ensure the companys survival.
He said Pertagas, a subsidiary of Pertamina, controlled gas distribution so that it would not create protest.
In the meantime, M Yasin, a member of Pertaminas board of commissioners, said that the acquisition process would take place for eight months, including 3.5 months for its execution.
In its scenario, Pertamina is planning to merge PT Pertagas and PT PGN and the result of the merger would be made a Pertaminas subsidiary.
Pertamina said it would be the best step to merge the two companies.
The share composition of the merger would be 30-38 percent for Pertamina, 36-40 percent for the government and 26 - 30 percent for the public.
If the government authorizes Pertamina to hold its share portion, than Pertamina will be the majority share holder, with a stake portion of 70-74 percent. The government in this case will remain in control of the company through a share holder agreement.(*)
Editor: Heru Purwanto
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