Singapore-listed KS Energy Limited reported Friday that its associated company, PT KS Drilling Indonesia (PT KSDI), has on Oct. 6, 2015, entered into an agreement to transfer 4.9 percent ordinary shares in PT Java Star Rig (PT JSR) to PT Citra Agramasinti Nusantara (PT CAN) in compliance with Indonesian regulations on foreign ownership for company engaging in oil and gas drilling services.
The transfer, amounting to $49,000, represented 4.9 percent of the $1 million (comprising 1 million) ordinary shares issued and paid-up capital of PT Java Star Rig. Following the transaction, PT KSDI owns 999,000, or 99.9 percent of PT JSR, with Iwan Adi Prastyo holding the remaining 0.1 percent stake. PT KSDI is in turn 49.0 percent owned by KS Drilling Pte Ltd., which is an 80.0 percent owned subsidiary of Singapore-based KS Energy.
"The Proposed Transfer is being carried out for compliance with Presidential Regulation of the Republic of Indonesia Number: 36 of 2010 on List of Business Fields Closed to Investment and Business Fields Open, With Conditions, to Investment (Regulation 36)," KS Energy said in the press release.
The company added that "under Regulation 36, PT JSR, as a company engaged in oil and gas drilling services, can only have a maximum of 95.0 percent foreign ownership."
PT CAN, an Indonesian company principally engaged in the provision of supporting services to the oil and gas industry, is 60.0 percent owned by Kris Taenar Wiluan, executive chairman and CEO of KS Energy, and 40.0 percent owned by his sister Hedy Wiluan.
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