Receh.in – PT Krakatau Sarana Infrastruktur (KSI), a subsidiary of PT Krakatau Steel (Persero), Tbk (KRAS), has signed a Conditional Sales and Purchase Agreement (CSPA) with PT Chandra Asri Petrochemical Tbk (TPIA) worth IDR 3.24 trillion.
A joint press release from the two companies stated that the agreement was signed last Friday (30/12) and was followed by the signing of the Shareholders Agreement on Tuesday (3/1) in Jakarta.
The agreements were signed by the CEO of PT KSI, Agus Nizar Vidiansyah, and the President Director of Chandra Asri, Erwin Ciputra, witnessed by the CEO of KRAS, Silmy Karim.
Agus stated that the signing of the CSPA and SHA was part of the process of divesting PT KSI's shares in its two subsidiaries, PT Krakatau Daya Listrik (KDL) and PT Krakatau Tirta Industri (KTI).
The CSPA agreed on Chandra Asri's plan to buy 70% of KSI's shares in KDL and 49% of KSI's shares in KTI for a total value of IDR 3.24 trillion.
"The purchase of these shares will be made after both PT KSI and Chandra Asri have fulfilled the conditions set forth in the CSPA," said Agus Nizar.
The signing of the SHA is one of the requirements that must be fulfilled in the CSPA. Therefore, Agus explained that the SHA is not effective at this time and will only be effective after all requirements have been met, on the Closing Date.
Agus Nizar also revealed that the divestment process of PT KSI's subsidiary is being carried out not only to fulfill PTKS's obligations under the Restructuring Credit Agreement with creditors, but also to realize the business synergy between Chandra Asri and PT KS Grup.
On the other hand, Chandra Asri's President Director, Erwin Ciputra, stated that Chandra Asri is very enthusiastic about executing its "programmatic M&A" strategy to position Chandra Asri for profitable and sustainable business growth.
"This strategy further enhances our business fundamentals and opens up many interesting synergies, including the diversification of income in supporting utilities and in line with the expansion plan of our second world-scale petrochemical complex and downstream industry," said Erwin.
PT KDL is currently developing renewable energy businesses in line with Chandra Asri's strategy of implementing a green energy transition. Under the brand ERICS (Empowering Renewable Energy of Indonesia with Krakatau Solution), PT KDL has launched solar power plants (PLTS) in several areas in Cilegon, Banten, including the Kerenceng reservoir area owned by PT KTI.
Chandra Asri is also implementing a green energy transition through its programmatic M&A strategy, which includes the acquisition of PT KDL and PT KTI.
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