Benakat sells notes to buy Elnusa

PT Benakat Petroleum Energy Tbk (BIPI) has used shareholder loan facility to settle and complete acquisition of 2.71 billion shares or 37.15% stakes in PT Elnusa Tbk (ELSA) worth Rp894.3 billion from seller PT Tri Daya Esta (TDE).

Speaking to Insider Stories today, Vice President of Danatama Makmur's Investment Banking Danatama Makmur Steffen Fang, said Benakat has issued one year notes worth Rp894.3 billion to controlling shareholder PT Indotambang Perkasa.    

"Notes proceed has been used by Benakat to finance Elnusa acquisition deal from TDE," he said who is advising Benakat.

Last Friday saw Elnusa shares crossing in the negotiation market held by PT Sinarmas Sekuritas, a closing signal of Elnusa acquisition deal.

At the same day, Elnusa shares volume sharply rose to 101.73 million shares worth Rp35.14 billion with 1,509 times transactions. Elnusa closed Rp15 per share higher to Rp345 from previous day. On March 5 2009, Elnusa shares trading volume and value also ballooned. 

Benakat's Finance Director Michael Rusli said ELSA shares crossing was estimated on 2.30 PM in Indonesia Stock Market, transferring from PT Tri Daya Esta, the seller, to Benakat Energy.

Benakat and Tri Daya signed share sale and purchase agreement on February 11 2010. Benakat, replacing its predecessor consortium Saratoga Capital and Northstar Pacific Partners, agreed to buy 37.15% shares in Elnusa at Rp330 per share or Rp894.3 billion. The consortium failed to close the deal as a result of failure in debt restructuring in relations to Elnusa shares pledge to Singapore-based company Dharma Investments Pte Ltd.

Benakat controls 37.15% Elnusa

PT Benakat Petroleum Energy Tbk (BIPI) is formally controlling 2.71 billion shares or 37.15% of PT Elnusa Tbk (ELSA) after shares crossing in the negotiation market held by Sinarmas Sekuritas today. 

Benakat's Finance Director Michael Rusli said ELSA shares crossing was estimated on 2.30 PM in Indonesia Stock Market, transferring from PT Tri Daya Esta, the seller, to Benakat Energy.

Benakat and Tri Daya signed share sale and purchase agreement on February 11 2010. Benakat, replacing its predecessor consortium Saratoga Capital and Northstar Pacific Partners, agreed to buy 37.15% shares in Elnusa at Rp330 per share or Rp894.3 billion. The consortium failed to close the deal as a result of failure in debt restructuring in relations to Elnusa shares pledge to Singapore-based company Dharma Investments Pte Ltd.

According to Michael, Benakat bankrolls the acquisition deal with loan facilities, which in return the company doesn't need to obtain approval from extraordinary general meeting.

A source familiar with the matter said in tandem with shares crossing, shares pledge has been released by Dharma Investments. Thanks to Benakat that has helped Tri Daya to obtain Elnusa shares. 

Axiata to divest 20% stakes XL Axiata

Axiata Group Berhad (formerly known as TM International Berhad) is planning to divest up to 20% of equity interest in its 86.5% owned subsidiary PT XL Axiata Tbk (XL) via a private placement.

XL shares divestment is also intended to enlarge public shares holding from current position of 0.2% stakes.

Goldman Sachs has been appointed as sole global coordinator and along with CIMB Investment Bank are acting as joint bookrunners. Goldman Sachs, CIMB Investment Bank, and PT Mandiri Sekuritas are joint lead managers of the offering. The offering is expected to be completed by April of 2010.

“In the financial year ended 2009, XL made tremendous progress both operationally and financially through strong execution of a focused and well developed strategy. On the back of this momentum, and with the continued macro recovery driving capital markets, we believe that this is the right time to conduct this offering, enabling investors to participate in XL’s growth story,” said Dato’ Sri Jamaludin Ibrahim, President and Group Chief Executive Officer of Axiata.
"We are pleased with the support we have continuously received from our major shareholder Axiata. We believe that it will provide further support to XL in its growth and development as one of Indonesia’s largest listed companies," said XL President Director XL Axiata Hasnul Suhaimi.