Battle in Elnusa still on

Consortium of Saratoga Capital and Northstar Pacific Partners Ltd have renegotiation with PT Tri Daya Esta concerning with the acquisition price of PT Elnusa Tbk as the buyers want to have lower pricing.
Consortium of Saratoga prepares two options for PT Elnusa Tbk shares which are still in repurchase agreement (repo) status.
Some 37.15 percent shares or 2.71 billion Elnusa shares will be purchased by the consortium of Saratoga Capital and Northstar Pacific Partners Ltd from Tri Daya are still in repo status.
CEO of Saratoga Sandiaga S. Uno said the option here is by shifting the repo to the consortium. "We could also pay directly to them (Tri Daya) and the shares are transferred," he said last Friday.
However, he declined to provide details explanation on the acquired Elnusa stock price deal with the consortium. "Of course we want to have the least price. The pricing should be finalized prior to the transaction closing."
To become Elnusa shareholders, consortium of Saratoga and Northstar prepare some US$150 million funds.
However, the stock acquisition price so far has not been officially unveiled for confidentiality.
The consortium of Saratoga-Northstar acquired ELnusa at IDR425 price. So the stock acquisition value here stands at IDR1.15 trillion and some IDR360 billion will be used for financing the development of Elnusa in the future.
The figure is higher than that of the other two candidate buyers, Pertamina with under IDR300 per share and Ciptadana at IDR315.
Elnusa targets to tap IDR3 trillion revenue this year deriving from upstream business with IDR2 trillion and IDR55 billion form oil and gas downstream business and the rest is from supporting business.