Pertamina to acquire PGN

According to Indonesian news agency Antara, the Indonesian government has accepted a proposal by state-owned oil and gas firm PT Pertamina to acquire the country's natural gas distribution and transportation company PT Perusahaan Gas Negara (PGN).

Pertamina plans to merge its gas-trading unit PT Pertagas with PGN, and the resulting entity will become a subsidiary of the state-owned oil and gas firm. Pertamina aims to own 30–38% shares of the merged entity, with the Indonesian government and the public expected to hold 36–40% and 26–30% of the shares, respectively.

Antara says that Pertamina could become the majority shareholder in the merged company if the government authorizes the state-owned petroleum firm to hold its shares, as this would raise its stake to 70–74%.

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