PT Benakat Petroleum Energy, an Indonesian oil producer whose shares started trading in Jakarta today, announces it agreed to buy PT Tridaya Esta' s entire stake in oil-services provider PT Elnusa.
The oil producer signed a conditional sales and purchase agreement with Tridaya yesterday to buy Elnusa shares at IDR330.
Benakat raised IDR1.6 trillion in an initial public offering last week to fund expansion and for working capital. The company may sell bonds to help fund the share purchase. Benakat expects profit this year, excluding contributions from Elnusa, to increase to 225 billion rupiah from 14 billion rupiah in 2009.
On the other side, management of PT Saratoga Capital asserted not to drop off the acquisition scheme of 37.15 percent shares of Elnusa possessed by Tridaya Esta despite the restructuring problems.
How about Solo genk ? I hear a big consortium from Solo businesmen has plan to acquire Elnusa. There are a big name from Solo Genk, from automotive business, textile and hedge fund.
The debt restructuring process of Tridaya Esta has become the only factor blocking the acquisition Elnusa despite the long process since quarter II/2009.
On June 11, PT Bahana Securities as the financial advisor to Tridaya Esta has announced the consortium of Saratoga as the buyer of Elnusa. The acquisition which is scheduled in 8-10 weeks will take longer time up to one semester.
On June 11, PT Bahana Securities as the financial advisor to Tridaya Esta has announced the consortium of Saratoga as the buyer of Elnusa. The acquisition which is scheduled in 8-10 weeks will take longer time up to one semester.
Debt settlement is one of the requirements requested by Saratoga as the preferred bidder in the divestment here.
The investment company here has prepared some US$150 million fund. Sandiaga admitted the company and Tridaya once reviewed the possible takeover of the debt by Saratoga.
The investment company here has prepared some US$150 million fund. Sandiaga admitted the company and Tridaya once reviewed the possible takeover of the debt by Saratoga.
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