Some 37.15 percent or 2.71 billion shares of PT Elnusa Tbk which will be bought by the consortium of Saratoga Capital and Northstar Pacific Partners Ltd from PT Tri Daya Esta (TDE) remains under repurchase agreement (repo) status.
An informed executive said despite the finalization process of Elnusa acquisition by the Saratoga consortium, Tri Daya still have all its shares under repurchase agreement with the provider of oil and gas infrastructure service to Singaporean firm, Dharma Investments Pte Ltd.
Tri Daya had repurchase agreement of Elnusa shares to Dharma Investments since September 2008 but the day after the agreement was renewed.
The repo transaction deals with debt. Similarly happened to PT Bakrie & Brothers Tbk which had repo of some of the subsidiary firm shares to get financing. The repo period could be 3 months or 1 year. But so far the loan given from Dharma Investments to Tri Daya and Elnusa repo period have not been found out.
Wednesday, July 22, 2009
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