JAKARTA. PT Saka Energi Indonesia (SAKA), a subsidiary of PT Perusahaan Gas Negara Tbk (PGAS), increased the buyback value of notes listed on the Singapore Stock Exchange (SGX) to US$220 million.

SAKA has actually started the buyback action since July 6, 2023, with an initial target of buying back US$200 million. Just like the previous announcement, the notes buyback will end on August 2, 2023.

"SAKA will not accept further offers after the end of the initial offering period," said Rachmat Hutama, Corporate Secretary of PGAS, in his official statement yesterday.

For the record, the notes were listed on SGX in 2017 with a principal amount of US$625 million and a tenor of 7 years. Throughout 2022, SAKA has bought back US$248.75 million of debt securities. So that the remaining debt securities that are currently outstanding are as much as US$376.25 million.

Later, after the buyback ends on August 2, 2023, the number of notes still outstanding is estimated at US$156.25 million. These notes will mature in May 2024.

"The use of internal cash for repaying debt securities has no impact on the liquidity of SAKA and the company," said Hutama. (KR/LM)