Benakat sells stake in Elnusa
Wednesday, April 2 2014 - 01:17 AM WIB
IDX-listed integrated energy company PT Benakat Integra Tbk has sold its 27.4 percent stake in IDX-listed oil services provider PT Elnusa Tbk for Rp 790 billion to a consortium of state-owned oil and gas firm PT Pertamina?s pension fund company.
Benakat said in a statement on Tuesday that the transaction was signed on March 26.
It said that the proceeds will be used to finance the acquisition of a 30 percent stake in coal port operator PT Mitratama Perkasa from IDX-listed PT Sumber Energi Andalan Tbk, a local subsidiary of India?s Tata Power, for $120 million. Benakat already own 70 percent of Mitratama.
?The divestment of the Elnusa (stake) is a strategy to increase the value of the company which will focus on coal mining infrastructure business,? said Benakat President Director Wibowo Suseno Wirjawan in the statement.
Editing by Reiner Simanjuntak