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Pertamina’s First Step Tender Offer on Maurel & Prom Succeed

JAKARTA – PT Pertamina Internasional Eksploration & Production, the upstream subsidiary of PT Pertamina (Persero), which manages oil and gas assets overseas, successfully undertake the tender offer for Maurel & Prom stocks at the first phase.

The results of the tender offer  has been announced by Autorité des Marchés financiers (AMF) of France on January 25th, 2017 local time. Starting from February 1st, 2017, PIEP will control as many as 125.924.574 stocks and the voting rights of Maurel & Prom, which is equivalent to 64.46% of the stocks and 63.35% of the voting rights of Maurel & Prom.

In addition, PIEP also controls many as 6,845,626 ORNANE (Obligation remboursable en numéraire et en actions nouvelles et existantes / Obligations Remboursable for cash and shares) of 2019, equivalent to 46.70% of the outstanding ORNANE of 2019 . PIEP will also hold  3.848.620 ORNANE of 2021, which is equivalent to 36, 88% of the outstanding ORNANE of 2021.

Payments to the owners of ORNANE will be conducted on transaction completion and at once handing over the ORNANE to companies with a value of 17.28 euros per ORNANE of 2019 (i.e. the nominal value plus interest by 0.03 euros), and 11.05 euro per ORNANE of 2021 (i.e. nominal value plus interest by 0.03 euro).

In accordance with article 232-4 from AMF General Regulations, the tender offer will be automatically re-open for 10 working days period. The tender offer schedule will be published soon by AMF.

President Director of Pertamina Dwi Soetjipto says the success of the first phase of tender offer is a good momentum for Pertamina to be more aggressively expand abroad amid the improving global crude oil prices. According to him, after Pertamina become the controlling stockholder (minimum of 51% stockholding), it can further consolidate the Maurel and Prom’s production to PIEP’s production.

“It certainly will improve the performance of Pertamina’s upstream. In addition, ISC is currently also reviewing and preparing  the possibility to make oil production which not only increase Pertamina’s production value, but also strengthen the supply to Indonesia, “said Dwi.

Director of Upstream of Pertamina Syamsu Alam added that the prospect of Maurel and Prom oil and gas assets is very potential to be developed by Pertamina through PIEP, where at the end of 2015 the oil and gas reserves listed has reached 205 million barrels of oil equivalent. With assets spread across Europe, America, Africa and Asia, it can become prove the company’s capabilities in the upstream business on a global scale. “Pertamina is more optimistic to be able to develop its upstream business faster,” said Syamsu Alam.

Meanwhile, Vice President Corporate Communication of Pertamina Wianda Pusponegoro says, “With the success of the first phase of this tender offer, we hope and optimistic that the next stage of the tender offer will run properly and the results will be optimum for PIEP and Pertamina.”

Source From : pertamina.com

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