ANTARA NEWS--State oil and gas company Pertamina plans to sell a 66.67 percent stake in its subsidiary, PT Patra Jasa, for Rp2,377 trillion as the based price.
The divestment program is part of Pertamina`s strategic plan to focus on its core business, according to the company`s announcement carried on a number of newspapers on Thursday.
The shares will be sold to strategic investors under a private placement scheme.
Under the based price system, interested strategic investors must bid at least Rp2.377 trillion for the 66.67 percent stake.
To support the divestment process, Pertamina has appointed asset management company PT Perusahaan Pengelola Aset (PPA) to manage Patra Jasa`s assets.
Established on July 17, 1975, Patra Jasa is a subsidiary of Pertamina engaged in the hotel industry. It also rents out office buildings and houses.
Patra Jasa now has seven hotels located in Jakarta, Bandung, Cirebon, Semarang, Bali, Parapat, and Anyer. It also runs Patra Office Tower on Jalan Gatot Subroto, South Jakarta.
Patra Jasa is currently 99.98 percent owned by Pertamina and 0.02 percent by its other subsidiary, PT Patra Niaga.
Both national and foreign investors can bid for the stake. However, foreign holding in the company will be limited to a maximum of 51 percent of its shares.(antara)
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