December 28, 2018 / 2:22 PM / in 4 months

Indonesia's PGN to pay $1.39 billion for Pertagas stake, 22 percent more than previously announced

JAKARTA (Reuters) - Indonesian gas utility PT Perusahaan Gas Negara (Persero) Tbk said on Friday it will pay 20.2 trillion rupiah ($1.39 billion) to acquire 51 percent of PT Pertamina Gas (Pertagas), 22 percent more than previously announced to reflect the inclusion of four Pertagas subsidiaries in the deal.

The purchaser, known as PGN, originally agreed to pay 16.6 trillion rupiah in the transaction, announced in April.

According to PGN president director Gigih Prakoso, payment will be made in two stages. The first half, totalling 10.1 trillion rupiah, has been paid in cash, Prakoso said, and PGN will issue a promissory note for the other half.

($1 = 14,555.0000 rupiah)

Reporting by Wilda Asmarini and Bernadette Christina Munthe; writing by Tabita Diela; editing by Kenneth Maxwell

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