Bintang Semesta?s unit sells TAC to Green World
Wednesday, July 16 2014 - 01:17 AM WIB
IDX-listed PT Bintang Mitra Semestaraya Tbk (BSM) through its subsidiary PT Binatek Reka Kruh (BRK) has signed a Conditional Sales Purchase Agreement (CSPA) to transfer its Technical Assistance Contract with state owned oil and gas firm PT Pertamina to PT Green World Nusantara (GWN).
BRK will receive US$6 million from GWN. And BSM, which owns 90 percent of BRK, will receive $5.4 million of the proceeds. The amount will be reduced to meet the obligation of the seller until the completion of the transaction, that is until the deal has gained effective approval from Pertamina and the Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources, BSM said in a statement Tuesday.
The firm, however, did not provide details about the TAC block.
Editing by Johannes Simbolon