BIPI, Sembawang to finalize due diligence on new partnership
Friday, May 31 2013 - 02:33 AM WIB
IDX-listed PT Benakat Petroleum Energy Tbk (BIPI) and Sembawang Engineers and Constructors Pte. Ltd. (SEC) have signed an agreement on 29 May, 2013 to finalize their due diligence to enter into a partnership with a view to list a new joint stock company on the SGX subject to joint board and shareholder approval and clearance, according to a joint statement issued Thursday.
The new company will leverage off the considerable opportunities available to BIPI with SEC responsible for their delivery in the following verticals: coal and mineral mining and infrastructure, power, water treatment plant, and property.
Richard Grosvenor, President and CEO of Sembawang and Michael Wong, Director and CFO of BIPI said in the joint statement: "We believe that this proposed partnership will result in a blue chip heavyweight company that can provide investors with the golden triangle of yield; (1) growing fixed recurring resource infrastructure income, (2) concept to key developer's profits, and (3) a balanced property rental income stream and asset capital growth.
Editing by Reiner Simanjuntak