Ahok doesn’t value the acquisition of a German electric car company by IBC

Reporter: Philemon the Great | Editor: Novice Laoli

KONTAN.CO.ID – JAKARTA. President Commissioner of PT Pertamina Basuki Tjahaja Purnama alias Ahok assessed that the acquisition of an electric car company from Germany to be carried out by Indonesia Battery Corporation (IBC) was not feasible.

Meanwhile, the company in question is StreetScooter which will be acquired by Odin Automotive, a company founded in Luxembourg.

Ahok himself revealed that PT Pertamina as a 25% shareholder in IBC is still seeing results due diligence of this plan. Nevertheless, Ahok personally firmly rejected this acquisition plan.

“(For Pertamina’s decision) I have to check with the other board of commissioners. As for me, after seeing the results due diligence It can be concluded that the Odin Project is not worth buying,” said Ahok when contacted by Kontan, Tuesday (23/11).

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Ahok continued, his consideration is that this acquisition is considered inappropriate if it aims to build a domestic electric vehicle ecosystem. In addition, there are other considerations referring to the results due diligence which cannot be disclosed further.

What is clear, Ahok confirmed, the Minister of SOEs has also conveyed this plan to himself in front of President Joko Widodo. “If it is not appropriate and cannot build Indonesia’s EV ecosystem, IBC will not acquire Odin,” said Ahok.

Meanwhile, quoted from the video uploaded on his Youtube channel, Ahok revealed that this plan had previously been presented by Pertamina Power Indonesia (PPI) to the Board of Commissioners of PT Pertamina.

“What’s the narrative? (why) you have to buy an electric car in Germany? (he said) in order to enter the American and Chinese markets, that’s what I said, be careful,” said Ahok, quoted from Video Interview on his Youtube Channel, Tuesday (23/23). 11).

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Ahok continued, in decision -making, the office can not provide future valuation without a solid basis.