KUALA LUMPUR (Sept 8): Genting Bhd (KL:GENTING), through its subsidiary Genting LNG Pte Ltd, said it has sold a 5% stake in PT Layar Nusantara Gas (PTLNG), to a subsidiary of PT Rukun Raharja TBK.
It said in a statement that the divestment was completed on Sept 4, after execution of the shareholders agreement and fulfillment of other conditions in the share sale and purchase agreement executed by the parties in April.
That said, Genting remains the indirect shareholder of PTLNG with an equity interest of 95% post completion of the downstream divestment.
PTLNG is the entity developing the midstream facility and Indonesia’s first floating liquefied natural gas (FLNG) vessel.
The facility acts as one of the off-takers of natural gas produced from the Kasuri block in the West Papua, under the Kasuri Production Sharing Contract.
According to the group, the of involvement of Rukun Raharja, an established integrated Indonesian energy provider, is expected to bring valuable local expertise to the project.
The partnership aims to reinforce Genting's position within the regional LNG value chain while bolstering its growth prospects in the region.
Genting's shares were down 1.95% or RM2.01 on Tuesday’s market close after 4 million shares changed hands, giving the group a market capitalisation of RM7.8 billion.