PGAS to Acquire KRAS Subsidiary

By Editorial Team 02/09/2019
Summary

PT Perusahaan Gas Negara Tbk (PGAS) will acquire PT Krakatau Daya Listrik (KDL), a subsidiary of PT Krakatau Steel Tbk (KRAS) engaged in the power plant field. The acquisition is estimated to run next year, considering that the two companies are still doing the studies. According to PGN Finance Director Said Reza Pahlevi, it would be done only for KDL’s business in the gas sector. The aim is to strengthen PGN's business as a gas distributor in Indonesia.

“It’s still under study and is limited to the gas business because it’s in line with PGN's core business,” Said told CNBC Indonesia on Thursday (8/29/2019). However, he refused to disclose the number of funds that would be disbursed to take over the business as the study would be completed in October or November.

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