A new comer in the stock market, PT Benakat Petroleum Energy Tbk just signed sale and purchase agreement with PT Tri Daya Esta tonight to acquire 37.15% or 2.71 billion shares in integrated upstream oil and gas service company PT Elnusa Tbk at Rp330 per share or Rp894.3 billion.
A source familiar with the matter said Benakat, which tomorrow will enroll the market, has beaten its predecessor buyer Saratoga Capital and Northstar Pacific Partner consorsium.
"Benakat finally enters sale and purchase agreement to acquire Elnusa from Tri Daya Esta, replacing Saratoga which is unable to close the acquisition deal," the source said.
The consortium, advised by PT Bahana Securities, was declared as a preferred bidder of Elnusa on June 11. In a public statement, the winner, beating Ciptadana and PT Pertamina, strived to close the deal in 8-10 weeks after the announcement. Saratoga-Northstar are interested to buy Elnusa stakes from PT Tri Daya Esta.
In September, one month after failing to reach a closing target in mid last month, TDE 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 37.15% shares divestment of PT Elnusa Tbk to Saratoga consortium. Saratoga, founded by Sandiaga S. Uno, has designated Recapital Assets Management as a deal executor.
According to the announcement, TDE disclosed to reach a following agreement of 37.15% shares divestment of PT Elnusa Tbk to Saratoga consortium. Saratoga, founded by Sandiaga S. Uno, has designated Recapital Assets Management as a deal executor.
Benakat IPO
Benakat decided the IPO price is Rp140 per share, allowing it to grab Rp1.6 trillion of fresh money from the capital market.
Oil and gas producer, Benakat, which is owned by Solo-born businessman Heru Hidayat and Houston Jusuf, will issue 11.50 billion shares into the market. The proceed will be used to invest in its subsidiaries PT Benakat Oil and PT Benakat Mining, while the remaining will be utilized to buy shares and notes of Patina Group Ltd. Along with the IPO, Benakat also plans to issue 6.50 billions warrants with the ratio 1:1. PT Danatama Makmur is IPO underwriter for Benakat.
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