PGAS's Shareholders Meeting (Credit: PGAS).

JAKARTA (TheInsiderStories)—Shareholders meeting of PT Perusahaan Gas Negara Tbk (PGAS) approved the plan to acquire and merge with PT Pertagas, a subsidiary of state-owned energy firm PT Pertamina as part of a grand restructuring scheme among energy-related companies owned by the government.

PGAS’s President Director Jobi Triananda told reporters after the shareholders meeting on Thursday (26/04) that the majority of shareholders approved the merger. However, the company is still discussing the merger scheme and the value of Partagas’ asset.

In the meeting, 80.74 per cent of shareholders approved the PGN and Pertagas merger. However, 18.7 per cent of shareholders countered the merger and another 0.5 voted to abstain.

Meanwhile, the Acting President Director of Pertamina Nicke Widyawati on Wednesday (26/04) explained the company is doing the due diligence to anticipate the loss due to the merger, as quoted by Katadata. The company identifies the three merger schemes namely inbreng (share transfer), acquisition, and merger.

The PGAS-Pertagas integration asset expected to minimalize the operational cost. The Pertagas could use the PGAS’s gas transmission and vice versa.

The PGAS-Pertagas merger is part of the oil and gas holding deal that officially signed by Indonesia’s Minister for State-Owned Enterprises on Wednesday (04/11). The SOE minister signed the approval letter over the transfer of a 56.96 percent stake in PGAS to state Pertamina.

Dividends

The shareholders meeting also decided to distribute 40 per cent in dividend from the company’s profit in 2017, which is equivalent to US$57.2 million.

The Corporate Secretary of PGAS Rachmat Hutama on Thursday (26/04) in Jakarta said the dividends accounted as much as Rp31.61 per share.

Last year, the company booked US$143 million in net income, a 52.96 per cent plummeted from the net income in 2016 of US$304.2 million.

However, PGAS recorded a slight improvement in revenue last year to US$2.97 billion from US$2.93 billion in 2016. The revenue is driven by the natural gas sales of US$2.40 billion and oil & gas sales of US$472.8 million.

The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) last year increased by 2.85 per cent to US$830 million from US$807 million in 2016.

By the end of 2017, PGAS sold 1.505 MMSCFD of natural gas through 7.453 kilometers pipes for the 196.221 customers. The customers include manufacture industry, power plants, commercial customers (hotels, restaurants, hospitals), small and medium enterprises (SOEs), and households in North Sumatra, Kepulauan Riau, Riau, South Sulawesi, Lampung, DKI Jakarta, West Java, Banten, Central Java, East Java, North Kalimantan, and Sorong, Papua.

In addition, PGAS also produce oil and gas as much as 51.208 barrel oil equivalent per day (boepd) through its subsidiary PT Saka Energi Indonesia.

PGAS committed to complete some infrastructure projects such as a 67 kilometers of gas transmission pipe Duri-Dumai, a 56 kilometers of gas distribution pipe in Dumai, and a 11 kilometer of gas distribution pipe in Gresik. In addition, PGAS also expands the gas transmission pipe from West Natuna Transmission System (WNTS) to Pemping Island, Kepulau Riau.

Director Revamp

Today’s shareholders’ meeting also revamped a director and two commissioners. The company sacked the Finance Director Nusantara Suyono and promoted Said Reza Pahlevy as the new Finance Director. Pahlevy previously served as Administration and Finance Director of PT Pertamina Patra Niaga.

In addition, the company also sacked the president commissioner Fajar Harry Sampurno and pointed the I.G.N. Wiratmaja Puja as the new president commissioner. Puja previously served as a commissioner. Furthermore, the company dismissed the commissioner Hendrika Nora Osloi S. and pointed Hambra as the commissioner.

Board of Directors:

President Director: Jobi Triananda Hasjim

Finance Director: Said Reza Pahlevy

Infrastructure and Technology Director: Dilo Seno Widagdo

Commerce Director: Danny Praditya

Human Resource Director: Desima Equalita Siahaan

 

Board of Commissioner

President Commissioner: I.G.N. Wiratmaja Puja

Commissioner: Mohammad Ikhsan

Commissioner: Hambra

Independent Commissioner: Kiswodarmawan

Independent Commissioner: Paiman Raharjo

Email: fauzulmuna@theinsiderstories.com

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