Jul 5, 2010

Benakat Petroleum closes Elnusa deal

Oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) has eventually accomplished acuisition of 12.55% stakes of PT Elnusa Tbk (ELSA) this afternoon.
By closing the remaining stakes, Benakat is now controlling 37.15% stakes of Elnusa. Benakat's Corporate Secretary Ferdinand Dion said the company has used proceed of promissory notes worth Rp894.82 billion issued to its controlling share holder PT Indotambang Perkasa.
"We did't use bank loan. We have used promissory notes to pay acquisition of Elnusa's remaining shares," he told Insider Stories tonight.    
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.
Benakat had 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).
For the notes issuance, Benakat has put 2.71 billion of Elnusa shares or 37.15% on pledge. Indotambang Perkasa is controlling share holder of 55.57% stakes in Benakat. The notes, bearing 5.6% of annual interest rate, will mature on September 12 2010.
In a prospectus published by Benakat, 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.

Print This Article

No comments: