Indonesia-based PT Petrosea Tbk has signed a conditional share sale and purchase agreement regarding the acquisition of all shares of HBS (PNG) Limited and its subsidiaries (HBS Group) with a total transaction value of A$40 million.
HBS has been a key player in the provision of mining and construction services and heavy equipment solutions in Papua New Guinea since 2006. It currently serves several major gold mining projects in the island country.
“This transaction is part of the company’s overseas business development strategy and diversification into the gold mineral sector,” said Michael, president director of PT Petrosea Tbk. “This acquisition is expected to strengthen the company’s performance and position, and create operational synergies between Indonesia and Papua New Guinea.”
Petrosea officials noted that the combination of capabilities and partnerships will offer direct benefits that allow HBS to expand its service coverage for current projects and potential new, more diverse projects in the future. Meanwhile, Petrosea will expand the scope of its integrated mining and construction services, as well as other services in the mining sector outside of Indonesia.
Source: Petrosea