Singapore’s GSS Energy raises stake in Indonesia Cepu Sakti Energy

Photo from Cepu website

Singapore-listed GSS Energy announced that the company has acquired 46.32 per cent shares of PT Cepu Sakti Energy (CSE) from its joint venture partner Java Petral Energy Pte Ltd (JPEL).  The purchase raised GSS Energy’s stakes in CSE to 95 per cent.

The remaining 5 per cent of Cepu Sakti Energy’s shares are equally owned by businessmen Muhammad Saleh and Ario Dkoko Damar, who are also shareholders of JPEL.

The deal is part of an agreement to adjust the purchase consideration under the Sales and Purchase Agreement dated 31 May 2014. The Settlement Agreement was entered into due to the termination of the agreement between PT CSE and Koperasi Unit Desa Sumber Pangan (KUD Sumber Pangan) dated 24 July 2015 for the management of oil wells at Dandangilo-Wonocolo field in East Java.

GSS has taken a one-off impairment provision of $32.9 million resulting from the termination of agreement between its subsidiary CSE and the Village Cooperative KUD Sumber Pangan.

Under the deal (with JPEL), GSS Energy would continue to, through its subsidiary CSE, operate the Tungkul, Trembul, Gabus and Kawenangan oil fields in East Java.

In addition, its joint venture partner, JPEL has agreed to a cancellation of the 76 million consideration shares that had been previously issued to it on 10 September 2014 as part of the purchase consideration.

GSS Energy also will not be required to pay JPEL the second tranche of the cash consideration, being the sum of S$10.2 million, that is part of the purchase consideration agreed on 1 June 2014.

The other point of the deal is that GSS Energy shall acquire JPEL’s remaining 46.32 per cent in the issued and paid-up capital of CSE for a cash consideration of S$1.00, thus increasing its total stake in CSE to 100 per cent.

The loans extended by GSS Energy and by JEPL and its associates to CSE and its subsidiaries shall be fully waived, GSS Energy said.

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.

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.