Consortium Saratoga Capital-Nortstar Pacific may will freeze the negotiation acquisition of 37.15 percent shares of PT Elnusa Tbk wuth PT Tridaya Esta as the seller. The reason is unfinalize repurchase agreement Elnusa shares.
The divestment of Elnsua was actually commenced last April. On June 11, the seller announced Saratoga as the preffered bidder of Elnusa divestent beating Pertamina and Ciptadana Consortium. Saratoga had eight weeks to accomplish the transaction from June 11.
Consortium Saratoga has appointed PT Recapital Assets Management to assist the acquisition transaction shares of Elnusa from Tri Daya Esta.
Some of 37.15 percent or 2.71 billion Elnusa shares acquired by the Saratoga Consortium is still in repurchase agreement status. Tri Daya had repurchase agreement of Elnusa shares to Singaporean firm, Dharma Investments Pte Ltd.
Tri Daya could take back Elnusa shares from Dharma by using fund tapped from the stock divestment. The company had repurchased agreement of Elnusa shares to Dharma Investments since September 16, 2008. But a day later, the agreement was renewed,
Tri Daya could take back Elnusa shares from Dharma by using fund tapped from the stock divestment. The company had repurchased agreement of Elnusa shares to Dharma Investments since September 16, 2008. But a day later, the agreement was renewed,
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