Benakat acquires Astrindo Mahakarya

IDX-listed energy company PT Benakat Petroleum Energy Tbk announced that it had signed sales and purchase agreement (PPJB) with PT Indokreasi Nuansa Sejahtera (PT INS) to acquire the latter?s shares in PT Astrindo Mahakarya (PT AMP).

Under the deal signed on Dec. 19, PT INS pledged to sell and transfer its shares at coal mining infrastructure company PT AMP to Benakat with total transaction of US$600 million.

?We view the acquisition on PT AMP is a very strategic step in supporting the company?s growth (Benakat) in ?non-organic? and strengthen the company?s position in integrated energy resources in Indonesia,? the company said.

It said that PT AMP has the required supporting facilities such as special coal port, on land conveyor, coal processing plant and crusher. (romel)