CVC Capital Partners, a global private equity and investment advisory firm, is said to lead a bid for a minority stake in Indonesian gas company PT Samator Indo Gas, Bloomberg reported on Friday.
The deal, which could value the minority stake between $150 million and $200 million, could potentially be sealed at the end of this quarter, the report said. The size of the stake is estimated to be 30%.
Previously known as PT Aneka Gas Industri, the company changed its name in December. The majority of Samator Gas is owned by the local conglomerate Harsono family.
Deliberations are still ongoing and the Harsono family could decide against a deal, according to the report.
The majority of the Harsono family’s stake is held through PT Samator and PT Aneka Mega Energi, which own 40.5% and 25% of the listed entity, respectively, according to its 2021 annual report.
The company’s stock price on the Indonesian stock exchange, under ticker AGII, increased 5.9% on Friday, bringing the company’s value to 6.6 trillion rupiah ($438 million).
The company engages in four business lines — industrial gas production, industrial gas trading, industrial gas equipment trading, and industrial gas equipment installation. The firm has been publicly listed since September 2016. AGII has 55 industrial gas plants and 106 filling stations in 28 provinces across Indonesia.
According to its financial report, AGII’s sales grew 8.95% QoQ in the third quarter of 2022. Its total sales reached 1.90 trillion in the nine month period ended September 30, 2022, and gross profit reached 852.40 billion rupiah.
Meanwhile, the profit of the year was positive at 75.81 billion rupiah. Total sales during the nine months of 2022 decreased 8.3% compared with the same period last year, but Q3 2022 sales increased 8.9% compared with Q2 2022.