JAKARTA, September 9, 2026 — PT Oxalá Energy International Tbk (IDX: PIPA) is expanding its business footprint into the energy sector through a planned acquisition of a 75% stake in PT Aztech Pandu Persada.
The company has signed a Conditional Share Purchase Agreement (CSPA) with Riki Rinaldi Idham, the seller of the shares, as part of the proposed transaction. The agreement was signed on September 7, 2026.
Under the proposed transaction, Oxalá Energy intends to acquire and/or transfer 75% of the issued and fully paid-up shares of Aztech Pandu Persada currently owned and controlled by the seller. Upon completion, Oxalá Energy would become the majority shareholder of the target company.
Expanding Into Energy and Oil & Gas
The acquisition forms part of Oxalá Energy’s strategy to expand its business network into oil and gas, trading, and services.
Aztech Pandu Persada operates as an engineering and procurement services contractor, with capabilities including cooling system and cooling tower manufacturing, piping, electrical ducting installation and control, as well as maintenance services.
According to the company’s management, the proposed investment is expected to strengthen Oxalá Energy’s business capacity in the energy and oil and gas sectors while broadening its investment portfolio.
The consolidation of Aztech Pandu Persada’s business activities is also expected to provide the company with potential additional revenue streams as Oxalá Energy develops a broader presence in the energy industry.
“The investment in Aztech Pandu Persada is expected to serve as a foundation for building a broader business portfolio while creating new and sustainable sources of growth for the company going forward.”
Transaction Value Yet to Be Finalized
Oxalá Energy has not disclosed the final value of the proposed acquisition. Management stated that the transaction value remains indicative and will be determined following the completion of due diligence and negotiations between the parties.
The final transaction structure will also take into consideration applicable capital market regulations and the terms agreed upon by both parties.
For the funding mechanism, Oxalá Energy has outlined several possible alternatives, including the issuance of new shares, debt securities, or other transaction mechanisms agreed upon by the parties.
This means that the eventual funding structure could involve a combination of equity and/or debt instruments, depending on the final terms of the transaction.
Completion Targeted Within Six Months
The acquisition is targeted for completion within six months from the signing of the CSPA.
However, the transaction remains subject to the fulfillment of various conditions precedent, including the approval of an Extraordinary General Meeting of Shareholders (EGMS/RUPSLB) and compliance with applicable capital market regulations.
The company has also stated that the transaction does not constitute an affiliated transaction because there is no affiliation between Oxalá Energy and the seller.
Furthermore, the proposed acquisition is not expected to result in a change in Oxalá Energy’s controlling shareholder.
Part of Oxalá Energy’s Broader Business Transformation
The proposed acquisition represents another step in Oxalá Energy’s efforts to diversify its business beyond its traditional operations.
The company, formerly known as PT Multi Makmur Lemindo Tbk, has been positioning itself toward the energy sector as part of its broader business development strategy. The acquisition of Aztech Pandu Persada would provide Oxalá Energy with an established platform in engineering and services related to the energy and oil and gas industries.
For Oxalá Energy, the transaction is therefore not only aimed at acquiring a controlling stake in another company, but also at developing a broader business portfolio and establishing additional sources of future revenue.
The next key stages will include the completion of due diligence, determination of the final transaction value and funding structure, fulfillment of the required conditions precedent, and shareholder approval.
If all requirements are satisfied, the transaction is targeted to be completed within six months following the signing of the CSPA.
