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ESSA Completes Additional 10% Acquisition of Ammonia Business

Jakarta, 7 March 2023 – PT Surya Esa Perkasa Tbk. (ESSA: IJ), a publicly listed company engaged in the Energy and Chemical sectors through its LPG refinery and Ammonia plant, has completed its acquisition of an additional 10% stake in PT Panca Amara Utama (PAU). PAU was previously 60% owned by ESSA and with the acquisition now complete, ESSA’s total shareholding in PAU has increased to 70%.

ESSA’s Ammonia business contributed 93% of ESSA’s revenue in 2022 and is expected to contribute significantly to ESSA’s earnings going forward. An increase in stake in PAU is expected to be accretive to Earnings per Share (EPS) especially considering the upcoming Blue Ammonia project.

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