Genting Retains 95% Stake in Indonesian LNG Venture After Divestment

Genting Bhd has completed its divestment of a five percent stake in PT Layar Nusantara Gas to PT Raharja Gas Kasuri, a subsidiary of PT Rukun Raharja Tbk.

The transaction was finalized on September 4 after the execution of the shareholders' agreement and fulfillment of other conditions under the share sale and purchase agreement signed in April.

Genting retains an indirect majority stake of 95 percent in PT Layar following the divestment, with the divested stake held by Genting LNG Pte Ltd, a subsidiary owned 95 percent by Genting.

PT Layar is working on midstream facility and inaugural downstream floating liquefied natural gas (FLNG) vessel projects in Indonesia, which include off-takes from the Kasuri Block in West Papua under the Kasuri production sharing contract.