03 December 2021

PHE Officially Controls 51% of Elnusa's Shares, Elnusa is ready to Increase Synergy

Jakarta, December 3rd, 2021 - PT Elnusa Tbk (Elnusa), a leading national energy service provider company with stock code issuer ELSA, received an official notification through the Indonesia Stock Exchange regarding the sale and purchase transaction of ownership of the company's shares.  The shares, previously owned by the Pertamina Pension Fund (DPP) by 9,9%, have been officially purchased by PT Pertamina Hulu Energi (PHE) as the leader of Pertamina's Upstream Subholding on December 1st, 2021. With this transaction, PHE becomes the majority shareholder of Elnusa with 51%.

President Director of Elnusa, Ali Mundakir said, "This corporate action carried out by PHE is a positive signal for the Company as well as is serves as concrete evidence of efforts to strengthen the establishment of Pertamina's Upstream Subholding. It also becomes a way to align the scope of the core business in the upstream oil and gas sector." "We will encourage synergies and collaborations to support the operational performance of the Upstream Subholding to Elnusa as the controlling shareholder."

Ali added, "Elnusa's superior competence and capability is proven to support the performance of Upstream Subholding this far."

Elnusa believes that this strategic step from PHE will further strengthen Elnusa's position as a national energy services company in Indonesia that provides total solutions and benefits to the customers.  This step also will increase the value of services for clients and shareholders.

"We have a complete business segmentation in energy services from upstream to downstream, thus we are ready to collaborate and continue to synergize and optimistically play an active role in supporting the Upstream Subholding, Pertamina Group, and other oil companies in realizing the target of increasing national oil and gas production of 1 million BOPD in 2030," concluded Ali.

Back to News