Local producer, PT Aneka Gas Industri Tbk (IDX: AGII), through PT Samator Gas Industri, bought fixed assets and lease transactions for land and buildings for Rp683.40 billion (US$48.82 million) from its parent - Photo by Samator

JAKARTA (TheInsiderStories) – Local producer, PT Aneka Gas Industri Tbk (IDX: AGII), through PT Samator Gas Industri, bought fixed assets and lease transactions for Rp683.40 billion (US$48.82 million) from its parent, the management announced last week. Samator Group is the parent of the issuer and hold 40.54 percent shares.

President director, Rachmat Harsono, said the two objects consist of the Cikande factory in Banten and the Gresik factory in East Java. Both are the most productive assets under the group. He added, the company wants to combine the gas business under its operation and management to become a market leader in the industry.

Aneka Gas is the unit of PT Saratoga Investama Sedaya Tbk (IDX: SRTG), owned by tourism and creative economic minister, Sandiaga Salahuddin uno, and Edwin Soerdjajaya. In 2019, both enterprenuers bought 20.77 million shares of the unit for Rp13.29 billion. After the transaction, the private equity firm’ shares raised to 7.60 percent.

Beside Saratoga, other shareholders are PT Aneka Mega Energi 37.79 percent, Samator, individuals, and public. In the first nine month, the manufacturer posted net sales of Rp1.57 trillion, or decreased 2.48 percent from the same period of 2019 of Rp1.61 trillion.

Main contributors came from gas products amounting to Rp1.42 trillion while services and equipment were recorded at Rp153.12 billion. Net profit also fell 59.81 percent from Rp73.46 billion to Rp29.52 billion at the end of the third quarter of 2020.

Recently, the ministry of industry sees the non-oil and gas processing industry to grow 3.95 percent in 2021, based on the assumption that the COVID-19 pandemic can be controlled and vaccines are gradually available in Indonesia. Before the COVID-19 pandemic, the department still optimistic the industry sector could grow 5.3 percent.

The department still optimistic the growth of the non-oil and gas processing industry will continue until the fourth quarter of 2020 in line with the increase in exports and Indonesia’ manufacturing Purchasing Manager’ Index by around 51.3 percent. The investment in these industry is also projected to grow by 22 percent to Rp323.56 trillion compared to 2020′ targets.

In nine months, the amount grew 37.1 percent compared to the same period last year. The largest investment was contributed by base metal industry, metal goods, and non-machinery amounting to Rp69.79 trillion. Followed by the food industry Rp40.53 trillion, and the pharmaceutical chemical industry Rp35.63 trillion.

Despite being hit by the pandemic, according to him, the contribution of the non-oil and gas processing sector to gross domestic product still high at 17.9 percent compared to other sectors.

US$1: Rp14,000

Written by Editorial Staff, Email: theinsiderstories@gmail.com