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PT Perusahaan Gas Negara Tbk (PGN) should seek fresh funds of around Rp 11.06 trillion to acquire a 51 percent stake in PT Pertamina Gas and its subsidiary, PT Pertagas Niaga. Because, from Rp 16.6 trillion total acquisition value, PGN can only pour internal cash around Rp 5.54 trillion.

"For funding, 2/3 from external, 1/3 from internal, for external financing, we will take the least effect," said PGN Finance Director Said Reza Pahlevy in a press conference in Jakarta on Tuesday, July 3, 2018.

According to Reza, the financing value of Rp 11.06 trillion will come from a number of banks, in which the bank is a red plate. Even so, he is not yet willing to list banks that are willing to lend to PGN to complete this acquisition process. "We have 90 days to complete," he said.

Previously, PGN with PGAS issuer code officially acquired Pertamina Gas after signing a Conditional Sales Purchase Agreement (CSPA) on Friday, June 29, 2018. "For the moment, the integration scheme is acquisition," said Deputy of Mining Services, Strategic Industries, and Media, Ministry of SOEs Fajar Harry Sampurno at that time.

The transaction value of Rp 16.6 trillion is the purchase price for 2,591,099 shares owned by PT Pertamina in Pertagas. Even so, only Pertagas Niaga will switch ownership of PGN. Other Pertagas subsidiaries, such as PT Perta Arun Gas, PT Perta Daya Gas, PT Perta Samtan Gas and PT Perta Kalimantan Gas remain in Pertamina's management.

PGN Jobi President Director Triananda Hasjim said the acquisition process is part of the holding of state-owned oil and gas company BUMN. After acquiring 51 percent of the shares, now PGN can fully control Pertagas business, especially in Pertagas Niaga. "If the 49 percent we have not considered, now the focus to finance a number of infrastructure projects ahead of time," said Jobi.