Benakat again delays acquisition of Atsrindo

IDX-listed PT Benakat Petroleum Energy Tbk (BIPI) has again delayed the acquisition of PT Austrindo Mahakarya Indonesia (AMI) despite its promise to conclude the takeover in April, this year, Kontan reported on Friday.

BPI signed an agreement to acquire the entire stake of Austrindo from PT Indokreasi Nuansa Sejahtera in late 2011 for US$600 million. The acquisition has been delayed for several times since the signing of the agreement.

?Factors which hamper the transaction remain the same, ? legal problems,? Firlie Ganindito, a director of BPI said in Jakarta on Tuesday.

BPI has said that it would obtain the funding for the acquisition from a number of sources including loans and proceeds from the divestment of one of its subsidiary PT Benakat Patina. But none of the funds have been obtained. One of the sources of the funding, Nomura Singapore Ltd, which promised to provide loan worth US$150 million has recently withdrawn. (*)