PGAS Enters Lo Kheng Hong's Portfolio: Here's the Shareholder Composition

PT Perusahaan Gas Negara Tbk (PGN), with stock code PGAS, is one of the issuers in the portfolio of veteran Indonesian investor, Lo Kheng Hong.

In mid-September 2023, the man nicknamed the "Warren Buffett of Indonesia" divested his entire stake in the private energy shipping company Mitrabahtera Segara Sejati Tbk (MBSS), transferring his funds to PGAS.

Lo Kheng Hong is recorded as having bought PGAS shares when they were priced at Rp1,100 per share. At the close of trading on Wednesday, October 11, 2023, the price of PGAS had reached Rp1,390 per share.

According to a report by RTI Infokom as of September 30, 2023, the majority of PGAS shares are still held by PT Pertamina (Persero) with a 56.96% stake.

The proportion of PGAS shares held by non-registered public shareholders is 43.03%, and registered public shareholders hold 0.001%.

The number of PGAS shareholders at the end of September 2023 had increased by 5,780 entities, bringing the total to 105,227 entities. In August 2023, the number of shareholders was 99,447 entities.

A total of 24.24 billion PGAS shares were circulating on the exchange at the end of September 2023. The breakdown of PGAS share volume by owner is as follows:

* PT Pertamina: 13.8 billion shares
* Non-registered public shareholders: 10.43 billion shares
* Registered public shareholders: 131,500 shares

Citing Katadata.co.id, PGAS and Medco E&P Grissik Ltd (MEPG) have agreed on a draft gas sales and purchase agreement. Following this agreement, the company will supply gas to West Java, South Sumatra, Central Sumatra, and the Riau Islands.

MEPG is awaiting a decision from the Minister of Energy and Mineral Resources (ESDM) and approval of the gas sales and purchase agreement (PJBG) draft from SKK Migas. After that, PGAS and MEPG will sign the gas sales and purchase agreement for distribution to these areas.

On September 30, 2023, PGAS and MEPG signed a joint agreement based on the terms and conditions in the PJBG draft. This joint agreement serves as a bridging document for the company and MEPG to conduct gas sales and purchase transactions until the PJBG is signed by the parties.

PGN Corporate Secretary Rachmat Hutama stated that the joint agreement is valid until December 31, 2023, or until the PJBG is signed.

"It is hoped that the PJBG will be signed by MEPG and the company before December 31, 2023, to replace the joint agreement," said Rachmat, as quoted by Katadata.co.id on Thursday, October 5, 2023.

This contract between PGN and MEPG will impact the certainty of gas distribution until the end of the supply period.