KS Energy Transfers 4.9% Stake in PT Java Star Rig to Indonesia's PT CAN
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension