Tokyo Gas venture buys stake in Indonesia gas firm
Tokyo Gas Asia Pte., Ltd, a wholly owned subsidiary of Tokyo Gas Co. Ltd, and Development Bank of Japan Inc., through a newly established joint venture, have acquired 33% shares of gas distributor PT Panji Raya Alamindo, a subsidiary of PT Rukun Raharja Tbk.
This is the third case for Tokyo Gas to invest in a local gas distribution company overseas, following its investments in Gas Malaysia Berhad in Malaysia in 1992, and Petro Vietnam Low Pressure Gas Distribution Joint Stock Company in Vietnam in July 2017.
In Indonesia, energy demands for industries and commerce are rapidly expanding due to its remarkable economic growth. By having long history and experiences in Japan, Tokyo Gas will be able to utilize its knowledge and human resources in participating in the gas distribution businesses in Indonesia, thus increasing PRA’s business values.
Acquisition of the shares of PRA will contribute to the acceleration of overseas expansion which is targeted in Tokyo Gas Group's "Challenge 2020 Vision." By utilizing the "special investment operations" that was partially funded by the Japanese government, DBJ decided to supply growth capital to support enhancement of competitiveness of Tokyo Gas and Japanese energy industry.
By applying technology and knowledge related to integrated energy business, Tokyo Gas Group will continue to serve by providing energy solutions to customers developing businesses and building local energy infrastructures in Southeast Asia and North America etc. In addition, Tokyo Gas Group will also strive to create regional energy value chains through the alliances with local energy companies.
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