Benakat, Indokreasi extend acquisition talk deadline

By Edgar Subroto

IDX-listed energy company PT Benakat Petroleum Energy Tbk said that the company and PT Indokreasi Nuansa Sejahtera have agreed to extend the negotiation deadline for a planned acquisition to May of this year from the original target of end of December last year.

Benakat plans to acquire shares of Indokreasi in coal mining infrastructure company PT Astrindo Mahakarya Indonesia (AMI) with a total transaction of US$600 million.

AMI is an integrated mining infrastructure company with operational areas in East and South Kalimantan. Astrindo has two subsidiaries, PT Nusantara Pratama Indah and Sire Enterprises Pte. Ltd.

Nusantara Pratama Indah has a 70 percent stake in PT Mitratama Perkasa, which leases coal port and crusher facilities to its clients. The other shareholder in Mitratama is publicly listed PT Sumber Energi Andalan, which bought a 30 percent stake last August in Mitratama from PT Bumi Resources, in a deal worth only $1.

Editing by Reiner Simanjuntak