The Jakarta Stock Exchange (JSX) has made an inquiry to PT Energi Meda Persada, to disclose full information required for investors to know about the company’s divestment of its wholly owned unit Lapindo Brantas Inc. to Freehold Group Ltd., a company incorporated in the British Virgin Islands. Information about company’s signing sale and purchase agreement was given in the latest development of PT Energi.
PT Energi has said that BVI-based Freehold is an independent third party, not affiliated with Bakrie Group, its controlling shareholder, and the sale does not need approval either from minority shareholders or from the capital market regulator. However, JSX president Erry Firmansyah said that the JSX can’t properly judge whether or not the divestment needs shareholder approval until Energi has disclosed complete information about the transaction, including its amount and the name of the ultimate main shareholder of Freehold.
PT Lapindo Brantas is the operator of a gas well in East Java, which has been spewing mud since last May over nearby villages and agricultural territory, and forcing thousands people to leave their land. Another Indonesian oil exploration firm PT Medco Energi International Tbk has filed a complaint against PT Lapindo, which resulted in the firm facing a hefty compensation bill.
However, on Friday Medco Energi informed about its wish to settle differences with its partner over a troubled oil block in East Java outside an arbitration panel. Medco is seeking to relieve itself of any financial costs stemming from the drilling accident by filing the complaint under an agreement for arbitration to be done by a US arbitration court. It was said by Hilmi Panigoro that Energi Mega’s decision to divest its stake into BVI-based company would not affect the whole case.