Sydney Yeung, 40.NextInsight file photo.GIKEN SAKATA obtained shareholder approval last month (Aug 22) to acquire a 53.7% stake in Cepu Sakti Energy Pte Ltd, which holds a 95% interest in PT Cepu Sakti Energy.
The latter, in turn, holds 80% right to extract oil from two oil fields in Central Java.
To spearhead this new move into the oil & gas industry, Giken Sakata yesterday announced the appointment of a group CEO with effect from 16 Sept -- Sydney Yeung, who has been its Non-Executive Non-Independent Director since Nov 2013.
Through Roots Capital, which is wholly-owned by Mr Yeung, he is currently the largest shareholder of Giken Sakata with a stake of 16.14%.
PT Cepu Sakti is engaged in drilling wells next to old wells in Indonesia, which involves low capex, high returns and short payback periods. Photo: Company"Giken Sakata is embarking on an exciting chapter in its business as the Group diversifies to add onshore oilfield assets in Indonesia. I am honoured and delighted to be given the opportunity to be part of the Group’s growth. Therefore, I am grateful to the entire Board of Giken Sakata for this opportunity and I am confident of taking Giken Sakata to new heights,” he said.
The company also announced the appointment of Mr. Valentin Schillo as the Group’s deputy Chief Financial Officer, also with effect from 16 Sept.
Mr. Schillo was previously with a bulge bracket investment bank in Singapore, Hong Kong and London for almost a decade. He worked on numerous mergers and acquisitions, IPOs, as well as restructuring and financing deals.
Prior to joining the Group’s Board in January 2014, he was with the Halcyon Group in Singapore for 6 years, primarily serving as the Group CFO.
Mr. Schillo will resign as an Independent Director and member of the Audit Committee and Remuneration Committee with effect from 16 Sept 2014.
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