PT Caraka Reksa Optima entered into an agreement to acquire a 69.8% stake in PT Petrosea Tbk from PT. Indika Energy Tbk for approximately $150 million.

PT Caraka Reksa Optima entered into an agreement to acquire a 69.8% stake in PT Petrosea Tbk (IDX:PTRO) from PT. Indika Energy Tbk (IDX:INDY) for approximately $150 million on February 18, 2022. Under the terms, PT.

Indika Energy will sell s 704,014,200 shares of PT Petrosea representing 69.8% stake. Transaction is subject to fulfillment of a number of conditions precedents as governed under the CSPA. This transaction is expected to complete at the end of May 2022.

The proceeds from Petrosea's divestment will be used to strengthen PT. Indika Energy's financials and to fund investments for diversification which prioritizes ESG aspects to maximize the shareholders value.