May 18, 2010

Rukun Raharja acquires 3 firms

PT Rukun Raharja Tbk (RAJA) aims to acquire 99.98% stakes in three different companies PT Panji Raya Alamindo (PRA), PT Capital Turbines Indonesia (CTI), and PT Triguna Internusa Pratama (TIP).
Rukun Raharja will buyout 99.98% stakes in PRA from Hapsoro. PRA is a holding company of PT Suryandra Nusa Bhakti which operates LPG distribution, transportation, and refill in Jabodetabek, West Java, and Medan with refill capacity of 410,000 kg per day.
Rukun Raharja plans to buyout 99.99% stakes in CTI from Ascent Resources Pte Ltd and Djani Sutedja.
CTI is electricity operator with 6 years experiences as electricity mechanical contractor. Since 2008, CTI has started to build power plan in Bintan island with capacity of 2x22 MW. Commerical operational is scheduled in June 2010.
Rukun Raharja aims to acquire 99.98% stakes in TIP from Hapsoro (97.99%) and Odira Energi Buana (1.99%).
TIP is a service operator for gas infrastructure. It manages 35 kmx8" gas pipe in West Java. The company is also capable to build gas infrastructure and operational of gas equipments.
According to conditional share sale and purchase agreement signed between Rukun Raharja and PRA, CTI, and TIP on May 14 2010, Rukun Raharja will issue 12 month promissory notes equals to the acquisitions value, providing an annual interest rate of 12%.
Rukun Raharja is 26.23% owned by Danny Tanoto BSC, PT Gemakreasi Mulianusa of 4.45%, Lita Anngriani Handoko of  0.58%, Franky Tjokrosaputro 0.14%, and public shareholders own 68.60%.  

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