Nov 14, 2011

Benakat sells 2.45% stake in Elnusa

Oil and gas company PT Benakat Petroleum Energy Tbk (BIPI) disposed 2.45% stake or 178.57 million shares in PT Elnusa Tbk, 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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