Dec 15, 2010

Rukun Raharja drops Turbines take over

PT Rukun Raharja Tbk today confirmed that it has dropped acquisition of PT Capital Turbines Indonesia. Previously, Rukun revealed that the acquisiton might be completed early 2011.
Director and Corporate Secretary of Rukun Raharja Aminzar Rukun Zarkoni said the acqusition drop was due Capital Turbines hasn't obtained approval from third parties. The company prefers to focus its business to integrated oil and gas sector.
"To be sure, the company's subsidiary namely PT Panji Raya Alamindo will sign agreement of production sharing contract in Indonesia," he said in an official statement submitted to Indonesia Stock Exchange today.

Disclosure: No position at the stock mentioned above.

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