Benakat Integra acquires Tata Power?s stake in Miratama Perkasa

By Romel S. Gurky

IDX-listed integrated energy company PT Benakat Integra Tbk signed a conditional sales and purchase agreement (CSPA) with Long Haul Holdings Ltd on March 24 to acquire a 30 percent stake in coal port operator PT Miratama Perkasa (PTMP).

Benakat said in a statement that through its subsidiary PT Nusantara Pratama Indah, it has already owned 70 percent shares in PTMP.

Long Haul Holdings is acting as the broker for the sale of the 30 percent stake in PTMP owned by IDX-listed PT Sumber Energi Andalan Tbk, which is controlled by India?s Tata Power Co. Sumber Andalan announced in February the plan to divest the PTMP stake. In a filing with the Indonesia Stock Exchange, Sumber Andalan said that the weak coal price was the main reason for the divestment, while the company was also suffering from financial difficulties.

Proceeds from the sale may either be used to help finance general operational expenses of the company or return to shareholders as dividend.

Debt-ridden Tata Power also announced in February that it was also divesting a 30 percent stake in coal miner PT Arutmin Indonesia to raise extra cash to help repay debts.

Editing by Reiner Simanjuntak