The price of a 37.67% stake in PT Elnusa Tbk acquired by the Saratoga Capital and Northstar Pacific Partners consortium has yet been officially disclosed on ground of confidentiality.
PT Tri Daya Esta, the seller of Elnusa shares, and its financial advisor PT Bahana Securities yesterday established Saratoga as the preferred bidder.
Saratoga outstrips two main competitors, PT Pertamina (Persero), which controls a 41.67% stake in Elnusa, and the PT Ciptadana Capital consortium.
"I cannot yet reveal the acquisition value due to our confidentiality agreement. Saratoga prepares US$150 million [equivalent to IDR1.51 trillion] to finance the acquisition of Elnusa and develop the company," CEO of Saratoga Sandiaga S. Uno informed in his office yesterday.
He also declined to reveal the amount of fund used to finance the acquisition of Elnusa.
"There are several financing alternatives that Elnusa can choose to make expansion, such as issuing convertible bonds or doing rights issue."
He continued the fund prepared to acquire Elnusa had been prepared by the consortium. "We are going to settle the legal documentation program."
Sandiaga explained the consortium had yet established share percentage for each consortium member. Saratoga is given 8-10 weeks to complete the acquisition of shares in Elnusa.
Investment Banking Director of PT Bahana Securities Eko Yuliantoro in his press release stated Tri Daya chose Saratoga since Saratoga was able to offer the best bid price for their credible business plan.
Sandiaga added Saratoga was reviewing an option to buy Pertamina-owned shares in after the Saratoga and Northstar consortium settled their Elnusa share purchase.
Friday, June 12, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment