Top Oil & Gas Company Eyeing Truba Alam

VIVAnews - A top domestic oil and gas company is said as aiming at controlling PT Truba Alam Manunggal Engineering Tbk. (TRUB) shares.

An anonymous VIVAnews source said the oil and gas company wanted to expand its business prior to merging with state oil and gas company PT Pertamina.

"The oil and gas company is also listed in the IDX [Indonesia Stock Exchange]," said the source in Jakarta on Monday, May 25.

Truba Gamala Corporate Secretary Virasa Kattopo said on Tuesday, May 26, the company has yet to receive any official information from the stockholders.

In the third quarter of 2008, the company booked a net profit of Rp 219.86 billion (US$21.51 million), 188.4 percent higher than the same period in 2007 of Rp 76.25 billion.

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Translated by: Ariyantri E. Tarman