Benakat hopes to conclude acquisition of Mitratama Perkasa this year

IDX-listed PT Benakat Integra Tbk hopes to be able to conclude by the end of this year the long-delayed acquisition of the remaining 30 percent shares in coal infrastructure operator PT Mitratama Perkasa (MP) from IDX-listed PT Sumber Energi Andalan Tbk (ITMA).

This was reported by Kontan.co.id on Thursday, quoting Benakat Finance Director Michael Wong.

Benakat signed a conditional sales and purchase agreement in 2014 for the planned acquisition, but has been delayed to due to a number of factors such as the lingering weak commodity price, and the protracted restructuring process at MP which requires approval of creditors.

The acquisition value is worth US$120 million. Long Haul Holding acts as the broker for the transaction. Benakat through subsidiary PT Nusantara Pratama Indah already have a 30 percent stake in MP. (*)