Consortium Saratoga Capital may drop off the acquisition scheme of 37.15 percent shares of PT Elnusa Tbk possessed by PT Tridaya Esta despite the restructuring problems.
The debt restructuring process of Tridaya Esta has become the only factor blocking the acquisition 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.
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 for expansion plan.
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 for expansion plan.
On the other side, PT Benakat Petroleum Energy Tbk has annouced to acquired 37.15 percent shares of Elnusa at share value of IDR330 or totally IDR894.3 billion.
Benakat projected Elnusa to provide 30 percent contribution as from the total net profit this year following the acquisition of 37.15 percent shares. Saratoga has appointed PT Recapital Assets Management to assist the acquisition transaction
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