PT Pertamina plans to maintain the major ownership at PT Elnusa Tbk despite the fact that PT Benakat Petroleum Energy Tbk came as the would-be second largest shareholder in the company.
On the other side, Benakat should seek approval from the creditor, PT Tridaya Esta, as the requirement for the realization of 37 percent acquisition of Elnusa worth IDR894.32 billion.
On the other side, Benakat should seek approval from the creditor, PT Tridaya Esta, as the requirement for the realization of 37 percent acquisition of Elnusa worth IDR894.32 billion.
Pertamina would not sell Elnusa to any other party given that it still has interest with the oil and gas drilling service provider company here.
Vice President Director of Pertamina Omar S. Anwar said the company readies to inject fund to Elnusa if it need additional funds.
"However, we should understand first the portfolio of Elnusa business plan. If it is acceptable, we could inject (the required fund based on ownership portion)," he said.
Based on data of securities administration bureay PT Datindo Entrycom, until 31 January 2010, Pertamina owned 41.10 percent Elnusa shares, Tridaya 37.15 percent, public with less thatn 5 percent ownership is totaling 21.75 percent.
Tridaya which is owned by PT Duta Graha Tbk owner Anton Sugiyono, agreed to sell all the share possession to Benakat through the sale and purchase agreement signed on February 10, 2010.
Vice President Director of Pertamina Omar S. Anwar said the company readies to inject fund to Elnusa if it need additional funds.
"However, we should understand first the portfolio of Elnusa business plan. If it is acceptable, we could inject (the required fund based on ownership portion)," he said.
Based on data of securities administration bureay PT Datindo Entrycom, until 31 January 2010, Pertamina owned 41.10 percent Elnusa shares, Tridaya 37.15 percent, public with less thatn 5 percent ownership is totaling 21.75 percent.
Tridaya which is owned by PT Duta Graha Tbk owner Anton Sugiyono, agreed to sell all the share possession to Benakat through the sale and purchase agreement signed on February 10, 2010.
The main requirement for Elnusa takeover from Tridaya is the approval given from Tridaya creditor, bank syndication, and general meeting of shareholder when the acquisition fund will use the fund generated from IPO.
Meanwhile, the consortium of Saratoga Capital and Northstar once got a problem with such requirements when it will acquire Elnusa stocks from Tridaya by repurchase agreement to the Singaporean company, Dharma Investment Pte. Target of acquisition was finalized on August 2009 but if remained unclear.
To seek creditor approval, Benakat is assumed to spend more fund from the acquisition value of IDR894.82 billion here.
Meanwhile, the consortium of Saratoga Capital and Northstar once got a problem with such requirements when it will acquire Elnusa stocks from Tridaya by repurchase agreement to the Singaporean company, Dharma Investment Pte. Target of acquisition was finalized on August 2009 but if remained unclear.
To seek creditor approval, Benakat is assumed to spend more fund from the acquisition value of IDR894.82 billion here.
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