JAKARTA (Yosefardi) – Investors focused buying shares of state gas distributor PT Perusahaan Gas Negara (PGN) Tbk (PGAS) as they shared doubts over Pertamina’s plan to acquire the company.
At 9.46 am Jakarta time, PGAS jumped 4.45% to Rp4580 per share with over 23 million shares exchanged hands. The stock had fallen 27.8% from its peak of Rp6350 in May 22, 2013.
Media earlier reported Pertamina and Dahlan Iskan (minister of state-owned enterprises) have discussed about Pertamina’s acquisition over PGN. But PGN continue to tell public that it had never received any notification from the government as controlling shareholder.
Minutes of third meeting at Pertamina were distributed to the press with tagline “Government approves Pertamina’s plan to acquire PGN”. Pertamina reportedly has options to (1) let PGN acquire Pertagas, and then Pertamina acquire PGN and (2) Pertamina directly acquire PGN.
Media reports pointed how much PGAS shares will be controlled by Pertamina after the so-called acquisition/merger of Pertagas into PGN, etc.