Jun 24, 2010

Benakat Petroelum & Elnusa financing

Oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI), burdened by Rp1.71 trillion of goodwill in its balance sheet last year, schedules to close the remaining shares or 12.55% of oil and gas services company PT Elnusa Tbk (ELSA) on July 11 2010, 4 week longer than initial schedule on June 12.
Benakat had seized 24.6% stakes in Elnusa on March 12 by paying Rp592.5 billion or Rp330 per share to the seller PT Tri Daya Esta (TDE). For the remaining shares, Benakat has to pay Rp302.5 billion to TDE.     
Beside the payment, Benakat is now striving to secure Rp1 trillion of new loan to refinance short term share holder loan worth Rp894 billion provided by PT Indotambang Perkasa due on September 12. Who will  provide financing to Benakat? Please login to read the remaining story. 
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