Bakrie to sell 20% stake in Energi Mega Persada
Tuesday, November 18 2008 - 12:41 AM WIB
IDX-listed financially troubled conglomerate PT.Bakrie & Brothers Tbk said on Monday it was in the process of selling 20 percent shares in IDX-listed oil, gas unit PT.Energi Mega Persada (EMP).
The company said the potential buyer called Brentwood Ventures Pte. Ltd is currently conducting due diligence on EMP.
Bakrie is forced to sell its assets, including in giant coal mining firm PT.Bumi Resources Tbk to meet its financial obligations.
EMP has also announced that it would sell its 50 percent stake at Kangean PSC, offshore East Java to pay maturing debts.
EMP has several oil, gas blocks in Sumatra and Java. (denny)