TEMPO.CO, Jakarta - Upstream oil and gas services company PT Elnusa Tbk (ELSA) on Tuesday announced that it had its entire stake (40 percent) in Patra Telekomunikasi Indonesia to Telekomunikasi Indonesia--also known as Telkom.
Elnusa President Director, Elia Massa, said the company's decision to divest the subsidiary is in line with the target to focus more on its core business.
"To gain a recurring income for the sustainability of Elnusa's performance," he said in a written statement to the Indonesia Stock Exchange, July 23, 2013.
According to Elia, the fair trade value for the 40,000 shares is Rp45.6 billion. Elnusa plans to use the proceeds to develop its businesses, focusing on competence.
Before the divestment, both Elnusa and Telkom each had 40 percent stake in Patra Telekomunikasi. Now, Telkom is the majority shareholder with 80 percent, while the remaining 20 percent is owned by PT Tanjung Mustika.
On Tuesday's trade, ELSA closed at Rp245 per share, up by 2.08 percent from the previous closing price.
ISMI DAMAYANTI