Nov 26, 2011

Benakat keeps disposing Elnusa

After disposing 2.45% stake or 178.57 million shares in PT Elnusa Tbk (ELSA), an oil and gas services company, PT Benakat Petroleum Energy Tbk (BIPI) announced another 35.71 million shares sale or 0.49% stake in Elnusa.
In an official disclosure filed to Indonesia Stock Exchange yesterday, Benakat said the company has sold 35.71 million shares in Elnusa at Rp210 a share, entitling Benakat with Rp7.49 billion proceed. Benakat sold the stake on November for loan pledge purpose Following the sale, Benakat's stake in Elnusa reduced to 34.22% from 34.706%.
Previously, Benakat also divested 2.45% stake or 178.57 million shares in Elnusa, giving Benakat with a proceed of Rp37.49 billion.
Director Elia Massa at Elnusa, in a disclosure information submitted to Indonesia Stock Exchange, said Benakat sold Elnusa shares at Rp210 a share on October 27 2011.
She said the shares disposal was aimed as collateral of loan facilities. Post the disposal, Benakat's ownership in Elnusa shrank to 34.706% from 37.156%.
As of September 2011, Benakat recorded a Rp4 billion net profit from a net loss of Rp94.05 billion in the same periode of 2010. Revenue rose 41.9% to Rp253.13 billion    
 
Disclosure: No position at the stock mentioned above.
 
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