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.