JAKARTA. PT Energi Mega Persada Tbk (ENRG), an energy company under Bakrie Group, has acquired 100% of PT Sulawesi Regas Satu (SRGS).

Syailendra S. Bakrie, President Director of ENRG, said that this acquisition is carried out through its subsidiaries, PT EMP Daya Nusantara (EDN) and PT EMP Tunas Persada (ETP). The signing of the sale and purchase agreement of SRG’s shares had taken place on June 27, 2023.

For the record, SRGS is a company renting Floating Storage Regasification Unit (FSRU) and its supporting facilities. As of now, Bakrie said that SGRS has an active FSRU rental contract to PT PLN Gas & Geothermal that will last until 2035.

“We hope that the acquisition of SRGS may provide contribution in the form of recurring income for subsidiaries for the next 12 years,” Bakrie further explained in the information disclosure.

Bakrie also mentioned that the acquisition of SRGS is in line with the strategy of the company to expand the oil and gas business. “We also hold our commitment in developing our business in the oil and gas upstreaming sector while diversifying our asset portfolio,” he added.

The amount of investment made by ENRG to acquire SRGS is not disclosed. However, according to IDNFinancials data, ENRG reported having USD 1.2 billion worth of equity at the end of March 2023. Therefore, the transaction is a categorised as material transaction, as its value reached USD 240 million or more. (KR/ZH)