Sep 3, 2011

Benakat scouts 10% Buana Listya

Oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) is considering to acquire 10% stake in oil transportation provider PT Buana Listya Tama Tbk (BULL).
"We have allocated Rp300 billion to buy Buana Listya's shareholding," said Benakat Director Firlie Ganinduto last week.
To acquire Buana Listya's minority stake, Benakat will use proceed of initial public offering. So far, Benakat is still pocketing Rp1.4 trillion of the IPO proceed.
According to him, the take over will support oil and gas business of Benakat Petroleum. "The acquisition will be completed prior to end of this year."
Buana Listya is still controlled by PT Berlian Laju Tanker.

Disclosure: No position at the stock mentioned above.

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