Mar 13, 2010

Benakat sells notes to buy Elnusa

PT Benakat Petroleum Energy Tbk (BIPI) has used shareholder loan facility to settle and complete acquisition of 2.71 billion shares or 37.15% stakes in PT Elnusa Tbk (ELSA) worth Rp894.3 billion from seller PT Tri Daya Esta (TDE).
Speaking to Insider Stories today, Vice President of Danatama Makmur's Investment Banking Danatama Makmur Steffen Fang, said Benakat has issued one year notes worth Rp894.3 billion to controlling shareholder PT Indotambang Perkasa.    
"Notes proceed has been used by Benakat to finance Elnusa acquisition deal from TDE," he said who is advising Benakat.
Last Friday saw Elnusa shares crossing in the negotiation market held by PT Sinarmas Sekuritas, a closing signal of Elnusa acquisition deal.
At the same day, Elnusa shares volume sharply rose to 101.73 million shares worth Rp35.14 billion with 1,509 times transactions. Elnusa closed Rp15 per share higher to Rp345 from previous day. On March 5 2009, Elnusa shares trading volume and value also ballooned. 
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.

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