Energi Mega sells stake in Lapindo for $2
Tuesday, September 26 2006 - 01:52 AM WIB
JSX-listed PT Energi Mega Persada Tbk (EMP) has sold its entire stake in the troubled PT Lapindo Brantas for US$2, EMP announced on Monday.
The company said it would divest its stake in Kalila Energy Limited and Pan Asia Enterprise Limited, which together own 99.99 percent of Lapindo to Lyte Limited, a subsidiary of Bakrie Group Company.
Meanwhile, Bapepam?s financial reports section chief Fuad Rahmany said that the responsibility of the new company must be mentioned in purchase and sale agreement.
Fuad said he has not yet received the purchase and sale agreement.
Lapindo is the operator and 50 percent interest holder of Brantas PSC in East Java, which exploration well Banjar Panji-1 flowed hot mud that has inundated several villages in the crowded Sidoarjo Regency.(*)