Benakat Petroleum to buy coal mining services firm

By Giok Manna

Indonesia-listed firm PT Benakat Petroleum Energy Tbk plans to acquire 100 percent stake in coal mining services firm PT Astrindo Mahakarya Indonesia.

Benakat?s non-affiliated director, Firlie Hanggodo Ganinduto said that the company is now conducting due diligence and the decision on the acquisition plan is expected to be decided in the company?s general shareholders meeting next month.

The acquisition value is predicted around US$600 million. To finance the acquisition, the company will seek to get from foreign and domestic bank and some of it from internal cash, he said.

Editing by Denny H. Tarigan