PT Energi Mega Persada Tbk (ENRG) has taken over 250,000 shares of Energi Mega Pratama Inc or the equivalent of 25% from Kinross International Group Limited.

The brief prospectus published Wednesday (4/8), the value of the share takeover transaction amounted to US$43.5 million.

This takeover is in line with Energi Mega Pratama Inc through its subsidiaries having a very significant working interest in Kangean PSC.

ENRG views Kangean PSC as having a strategic role in supporting the increase in net sales and the company's consolidated financial performance.

ENRG's ownership of a business portfolio that has guaranteed recurring net sales from Energi Mega Pratama Inc is expected to provide added value for the company and all shareholders, where ENRG will invest in Energi Mega Pratama Inc with effective ownership of approximately 75%.

The conditional sale and purchase agreement between ENRG and Kinross was made on January 19, 2021,