REPUBLIKA.CO.ID, JAKARTA -- PT Perusahaan Gas Negara (PGN), state owned gas company planned to acquire a subsidiary of Pertamina, PT Pertamina Gas (Pertagas). It received a positive response by capital market.

Analyst of Trust Securities, Reza Priyambada said that this acquisition would create consolidation in natural gas business in Indonesia. PGN with its experience, supported by healthier economic fundamental was able to accelerate energy conversion to gas by government.

"This acquisition is the right solution for developing national gas sector. This policy is more feasible as PGN has very solid fundamental and financial, which are supported by external funding capabilities," Priyambada said recently.

He saw that the plan of Ministry of State Owned Enterprises to let Pertamina to acquire PGN was not appropriate. It was proven by PGN shares at Indonesia Stock Exchange, which continued to decrease throughout the weekend. PGN shares have touched level of 4,925 IDR per share on Friday last week or cut to five percent from a day before.

Priyambada assessed that Pertamina acquisition plan over PGN was only a business diversification for Pertamina. In addition, Pertamina's focus on upstream sector will also be affected as company's fundamental is also no better than PGN. 

Ikuti Whatsapp Channel Republika