PUBLIC NOTICE: CLEARANCE APPLICATION BY PT PETROSEA TBK FOR THE PROPOSED ACQUISITION OF HBS (PNG) LIMITED

CLEARANCE APPLICATION BY PT PETROSEA TBK FOR THE PROPOSED ACQUISITION OF HBS (PNG) LIMITED

The Independent Consumer and Competition Commission (“ICCC”) wishes to inform the general public and relevant industry stakeholders that it has commenced public consultations on the Clearance Application received from PT Petrosea Tbk (“P    etrosea”) in respect of the proposed acquisition of 100 percent (%) shares in HBS (PNG) Limited and its subsidiaries (“HBS”) (the “Proposed Acquisition”). 

Petrosea is a multi-disciplinary mining, infrastructure, and oil and gas services company based in Indonesia. It provides complete pit-to-port mining solutions, integrated engineering, procurement, and construction capabilities, and logistical support services. Petrosea is listed on the Indonesian Stock Exchange (“IDX”). Petrosea does not currently operate in Papua New Guinea (“PNG”).

HBS, on the other hand, is domiciled in PNG.  HBS and its subsidiaries provide construction and mining support services, as well as heavy equipment solutions, including the distribution of equipment, machinery, and spare parts, as well as property leasing. HBS primarily operates in the mining and construction sectors, supplying essential services and equipment solutions.  

According to the Clearance Application, Petrosea proposes to acquire 100 % of the shares in HBS. Post-acquisition, HBS and its subsidiaries would become wholly owned by Petrosea.

Petrosea has sought Clearance from the ICCC in accordance with Section 81 of the Independent Consumer and Competition Commission Act 2002 (“ICCC Act”), as the proposed acquisition exceeds the K50 million transaction value threshold for mandatory notifications, and involves a target company with business operations in PNG.

The ICCC hereby invites submissions and comments from interested stakeholders on any likely adverse competition effects the Proposed Acquisition may have on the mining and construction services sector in PNG. All submissions provided to the ICCC will be treated as public information unless a specific request for confidentiality is expressly made.

All comments and submissions should be addressed to Mr. Paulus Ain, Commissioner and Chief Executive Officer, at the address provided below and must reach the ICCC by or before Friday, 12^th September 2025.

The non-confidential version of the Application, including details of the Proposed Acquisition, can be accessed and downloaded from the ICCC website: www.iccc.gov.pg.

All queries relating to this matter should be directed to Mr. Steven Sugl, Executive Manager – Competition Law Enforcement Division on telephone 312 4600 or e-mail to: ssugl@iccc.gov.pg.