TGKA Annexes All Stake in Blue Gaz

By Editorial Team 11/09/2019
Summary

PT Tigaraksa Satria Tbk spent Rp 62.72 million to acquire 24.99 percent remaining stake in PT Blue Gas Indonesia (Blue Gaz), making the TGKA stock-coded company a sole owner of the gas canister provider. The acquisition had soared TGKA cash flow for investment to Rp 73.22 billion in the first half of 2019 from Rp 5.04 billion in the same period last year.

TGKA has not expanded its liquefied petroleum gas (LPG) business outside of Java since the company only owns two gas filling stations in Jakarta and Surabaya. Aside from the demand in Java, which is still quite good, infrastructure requirements to expand outside Java Island could spend substantial investment costs.

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