PT Barito Pacific Tbk acquires 100 percent shares of PT Royal Indo Mandiri marking the more aggressive corporate action to palm oil business. However, at the same time the diversified corporate management owned by national businessman Prajogo Pangestu here stated the company has not had any agenda to acquire Star Energy Holding Pte Ltd, an oil and gas company listed in the Singapore Stock Exchange.
Barito announced the acquisition scheme of 51 percent shares of Star Energy at cost IDR5.1 trillion in August 2008. Formerly the controversial acquisition here would be done on the following year but then failed due to the global finance crisis impact to the market.
Prajogo who owns directly 0.4 percent of Barito shares also takes control over 40 percent shares of Start Energy. Prajogo also has 55.79 percent shares of Magna Resources Pte Ltd, the holding company of Prajogo that possesses 52.13 percent shares of Barito.
Relating to the acquisition of Royal Indo, the Barito General Meeting Shareholder has approved the IDR100 million acquisition of 100 percent shares of palm oil company with plantation in West Kalimantan.
For the acquisition, the company plans to issue unsecured bonds worth US$25 million at maximum with 3 percent interest annually in three years tenure to Magna Resources as the ultimate shareholder of Barito.
The raked funds from the notes issuance are not only for the acquisition of 100 percent of Royal Indo but also to buy US$24.40 million convertible bonds of Royal Indo owned by Forrestal Holding Ltd.
Prajogo who owns directly 0.4 percent of Barito shares also takes control over 40 percent shares of Start Energy. Prajogo also has 55.79 percent shares of Magna Resources Pte Ltd, the holding company of Prajogo that possesses 52.13 percent shares of Barito.
Relating to the acquisition of Royal Indo, the Barito General Meeting Shareholder has approved the IDR100 million acquisition of 100 percent shares of palm oil company with plantation in West Kalimantan.
For the acquisition, the company plans to issue unsecured bonds worth US$25 million at maximum with 3 percent interest annually in three years tenure to Magna Resources as the ultimate shareholder of Barito.
The raked funds from the notes issuance are not only for the acquisition of 100 percent of Royal Indo but also to buy US$24.40 million convertible bonds of Royal Indo owned by Forrestal Holding Ltd.
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