Barito obtains $250m loan from Bangkok Bank
Monday, March 27 2017 - 01:24 AM WIB
IDX-listed diversified company PT Barito Pacific Tbk said it has obtained a US$250 million loan facility from Bangkok Bank. The lending agreement was signed on Friday.
Barito said in a statement that the loan must be repaid within 18 months since the signing of the lending agreement. Barito put up its 498.67 million shares in IDX-listed petrochemical firm PT Chandra Asri Petrochemical Tbk as collateral.
The company also said it had on March 21 signed Supplemental Memorandum of Understanding with Star Energy Investment Ltd. (SEIL) and SE Holdings Limited (SEHL) in relation to its plan to acquire shares in Star Energy Group Holdings (SEGHL). The acquisition will depend on the fulfillment of preliminary conditions set under the conditional sale and purchase agreement including due diligence on SEGHL.
The companies are all owned by tycoon Prajogo Pangestu.
SEGHL is part of consortium which in December of last year signed a Share Sale and Purchase Agreements with Chevron Global Energy Inc, Union Oil Company of California and their relevant affiliates for the purchase of Chevron's geothermal operations in Indonesia and Philippines.
Other members of the consortium are Star Energy Geothermal, AC Energy (Affiliates of Ayala Group in Philippines) and EGCO (from Thailand). For the acquisition of Chevron geothermal operations in Indonesia, SEGHL and Star Energy Geothermal holds majority ownership (68.31% ownership), followed by AC Energy (19.3%) and EGCO (11.89%)
Major Chevron geothermal assets in Indonesia includes, Salak and Darajat geothermal fields which generate 413 MW geothermal and supply 275 MW of steam. Chevron geothermal assets in Philippines includes Tiwi-Makban geothermal field which currently is producing approximately 326 MW of steam.
Editing by Reiner Simanjuntak