JAKARTA. PT Krakatau Sarana Infrastruktur (KSI), a subsidiary of PT Krakatau Steel (Persero) Tbk (KRAS), had reportedly made a divestment worth IDR 3.24 trillion in two of its subsidiaries and transferred the portion to PT Chandra Asri Petrochemical Tbk (TPIA). The said amount of divestment is said to be used for KSI’s own business expansion and to aid PT Krakatau Baja Konstruksi (KBK).

Purwono Widodo, President Director of KRAS, claimed that the proceeds of the divestment will no longer be utilised by KRAS as the parent entity. It is because KRAS is still tied to the Master Restructuring Agreement (MRA). “It will not be for KRAS. It is still bound to MRA,” he confirmed yesterday (2/2) at the Ministry of State-Owned Enterprises (BUMN).

Meanwhile, two subsidiaries of KSI in question are PT Krakatau Daya Listrik (KDL) dan PT Krakatau Tirta Industri (KTI). KSI had reportedly signed a Conditional Shares Sale and Purchase Agreement (CSPA) with TPIA. Based on said agreement, Chandra Asri will acquire 70% of KSI’s portion in KDL and 49% of KSI’s portion in KTI for IDR 3.24 trillion in total.

KSI is known as the company that is formed through an integration of several subsidiaries of KRAS, including PT Krakatau Industrial Estate Cilegon (PT KIEC), PT Krakatau Daya Listrik (PT KDL), PT Krakatau Tirta Industri (PT KTI), and PT Krakatau Bandar Samudera (PT KBS). (AM/ZH)