ExxonMobil to buy Indonesian lubricant firm Federal in $436m deal

ExxonMobil has agreed to acquire Indonesian motorcycle lubricant maker PT Federal Karyatama (FKT) in a $436 million transaction, FKT’s parent PT Mitra Pinasthika Mustika said on Monday.

ExxonMobil plans to buy 100 percent of FKT, including the Federal Oil brand, and expects to complete the deal in the third quarter of 2018, ExxonMobil said in a statement.

ExxonMobil said the acquisition of FKT, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, will accelerate its growth in the market.

“This acquisition, combined with our existing premium Mobil lubricant brand, will help us continue to grow and better serve customers in Indonesia,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company.

Mitra Pinasthika said in a Jakarta stock exchange filing that the transaction was worth $436 million, but noted that it still needed shareholder approval.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.