JAKARTA (Yosefardi) – Shares of state gas distributor PT Perusahaan Gas Negara (PGN) Tbk (PGAS) had gained 5% in past five days following media report about potential acquisition over PT Pertamina Gas (Pertagas).
At 10.32 am Jakarta time, PGAS gained 0.82% to Rp6,150 per share. The stock lost 3.6% from its peak year to date.
Market players expect PGN opts to acquire Pertagas, rather than to merge and took over by State oil and gas company PT Pertamina.
Pertamina has completed detail study for the merger of Pertagas and PGN. This merger will strengthen the gas downstream business of Pertamina. After merger, Pertamina promises to open access at all pipe developed by both parties.