M&A: Tira acquired Air Products assets

Indonesian listed gas distribution company PT Tira Austenite Tbk got approvals from its shareholders to acquire some assets of PT Air Products Indonesia at US$3.225 million.

Tira acquired Air Product's assets in Cikarang (West Java), Semarang and Tegal (Central Java), Gresik and Banyuwangi (East Java), and 40,000 units of gas cylinder and VGL.

PT Air Products Indonesia (API) is owned by Asia Industrial Gases Company Limited (45.58%), Prodair Corporation (27.13%), Air Products International Corporation (27.13%), and others. API sold the assets as it wants to focus on bulk gas business.

Bank Niaga had offered loans to finance the transaction with 17% interest per year. The bank is expected to finance up to 70% of the total transaction while the remainings will be Tira's internal generated funds.

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