Feb 15, 2010

Benakat, Dewa, and Indotambang

An oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) last week listed shares into Indonesia Stock Exchange. During the first trading debut, BIPI jumped 67%.  
At the same day, the company  also announced that it reached acquisition deal of 37.15% shares of an integrated oil and gas services company PT Elnusa Tbk (ELSA) with PT Tri Daya Esta (TDE) that is owned by Indonesian tycoon Anton Sugiono.
A source said Houston Jusuf, who runs PT Danatama Makmur as lead underwriter for BIPI's initial public offering, and Heru Hidayat, owner of Inti Kapuas Arowana, are key persons behind Benakat and Elnusa's acquisition deal.
Who are really Houston and Heru Hidayat? and Why did they involve in Benakat and Elnusa negotiations? 
Some sources in the capital market said Benakat is majority owned by Houston Jusuf, while Heru Hidayat is owned the remaining. 
But, both Houston and Heru have confirmed that they don't have any participating interest in Benakat. So, who is ultimate share holder in Benakat?
According to Benakat's IPO prospectus, the company is majority controlled by PT Indotambang Perkasa of 45.69%, PT Inti Permata Nusantara 5.1%, and public owns the remaining shares or 31.44%.
I browsed into the internet to find out who is key persons behind Indotambang Perkasa. But, zero result I got. No single documents were available to explain who is Indotambang Perkasa and what is the company's main business. It even doesn't has any affordable website.
The only relations come out is Indotambang Perkasa is also owned minority stakes in PT Darma Henwa Tbk, (DEWA), coal mining contractor that is controlled by Zurrich Asset International, British Virgin Islands (BVI)-based company which is around 40% owned by PT Bumi Resources Investment, 100% subsidiary of PT Bumi Resources Tbk.
Pursuant to DEWA's 2007 financial report, Indotambang Perkasa owned 3.95% stakes in Darma Henwa. But, in 2006, DEWA was 95% owned by Zurrich Asset International Ltd and 5% owned by PT Indotambang Makmur.
The report said that Indotambang Makmur in May 2007 handed over its stakes in DEWA to Indotambang Perkasa. As of September 2008, Indotambang Perkasa remained 3.93% staked owner in DEWA.
But, as of September 2009, Indotambang banished from Darma Henwa's ownership structure, replaced by Goldwave Capital Limited (qq Zurich Asset International). 
Elnusa acquisition
A source said that Benakat wins battle against Saratoga Capital and Northstar Pacific Partners consortium due to win win term and conditions offered by Benakat.
"Benakat is able to replace predecessor due to it doesn't push TDE to guarantee that Benakat could get majority stakes in Elnusa," the source said.
With the price offer of Rp330 per share or Rp894 billion in total, below Saratoga's price consideration, TDE prefers to reach agreement with Benakat rather than Saratoga Capital.



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