Benakat plans to close acquisition Elnusa on June

PT Benakat Petroleum Energy, an Indonesian oil company that started trading in Jakarta two
months ago, said it would complete a deal to purchase 37.15 percent of oil services company PT Elnusa Tbk on June 12.

Benakat has paid PT Tridaya Esta IDR 592.5 billion for the stake, the oil producer said in a filing to the Indonesian Stock Exchange today. Benakat will pay Tridaya the remaining IDR302.5 billion, equivalent to 12.6 percent of Elnusa.

Benakat signed the conditional sales and purchase agreement February 10 which was then changed into the first amendment of CSPA March 11.
In the amendment, the transaction payment scheme is done in two stages, March 12 at IDR592.51 billion and April 12 IDR302.3 billion.

With Elnusa acquisition, Benakat projected the possession of oil and gas contractor shares here could provide 30 percent contribution of the total corporate net profits this year.
Benakat recently claimed to tap US$1 billion project as the engineering, procurement & construction (EPC) contractor for some power plants in Sumatra.