It is not surprised to know that PT Benakat Petroleum Energy Tbk (BIPI) has put 2.71 billion of PT Elnusa Tbk (ELSA) shares or 37.15% on pledge, following the issue of promissory notes worth Rp894.82 billion to PT Indotambang Perkasa, controlling of 55.57% stakes in Benakat.
Benakat has issued promissory notes on March 12 2010 to Indotambang. The proceed will be used by Benakat to bankroll a leveraged buyout deal of Elnusa from PT Tridaya Esta (TDE). In return, Benakat doesn't need to get approval from extraordinary general meeting. The notes, bearing 5.6% of annual interest rate, will mature on September 12 2010.
In a prospectus published by Benakat today, TDE is 98.20% controlled PT Grahalestari Selaras and the remaining goes to PT Cakrawala Tata sejahtera. TDE President Director and President Commissioner are Djoko Eko Suprastowo and Yus Suyono Asmono respectively.
Who is behind Indotambang Perkasa?
The largest shareholder in Indotambang is PT Best Capital International of 37.50%, PT Sakti Sukses Sejahtera with 30% stakes, PT Cahaya Multitama Abadi 20%, and PT International Labuan Resources 12.50%. Indotambang office is located on Jl Tanah Abang II No.70, Jakarta, the same address with previous building office of Danatama Makmur before moving to Danatama Square building, Kuningan.
Before acquiring Elnusa, TDE pledged 37.15% of Elnusa shares to Dharma Investments on September 16 2008 as well. The pledge was one of stumbling block when consortium of Saratoga Capital & Northstar Pacific Partners offered to buy Elnusa shares. Some said that Saratoga had left TDE alone to restructure its debt with Dharma Investments.
The first story of Elnusa shares pledge came from PT Danareksa (Persero). TDE put those shares as collateral to Danareksa when it obtained loan facility worth US$11.94 million and US$45.80 million. But, TDE failed to pay the loan.
As of August 12 2008, TDE total debt to Danareksa estimated US$52.72 million and converted into rupiah equaled to Rp416.47 billion.
Adding to that, TDE provided pledge rights on 210.01 million Elnusa shares and 62.57 million shares in PT Margaraya Jawa Tol to Danareksa. Danareksa has reached an agreement with TDE to settle the debt.