Sep 19, 2009

After Northstar, now Recapital

After one month failing to reach a closing target in mid last month, PT Tridaya Esta (TDE) yesterday came up with a weird new public announcement. The divestment price and new closing date remains vague.
According to the announcement, TDE disclosed to reach a following agreement of 37.1% shares divestment of PT Elnusa Tbk to Saratoga consortium. Saratoga, founded by Sandiaga S. Uno, has designated Recapital Assets Management as a deal executor. What does it mean?
So, where is Northstar? and at what price Saratoga buys Elnusa? No single executives at Bahana Securities, TDE, and Saratoga want to answer the questions.
Elnusa's divestment deal is in line with debt restructuring of TDE with its creditors. Who are the creditors? Is it Darmala Investments, Singapore-base company which holds Elnusa shares?
By appointing Recapital, is there any sign that Northstar has pulled out from the consortium? or Northstar is now more interested to buy PT Bukit Makmur Mandiri Utama (Buma)?

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