Inovisi in acquisition streak

IDX-listed firm PT Inovisi Infracom Tbk has received shareholders approval to acquire 75 percent shares of PT Cakra Daya Energi for Rp 98 billion or about US$7.8 million, Kontan daily reported on Saturday.

Cakra Daya is a well testing company that has bagged well testing contract from Total E&P Indonesie (TEPI). The company is expecting another $30million works from TEPI and other PSC contractor in 2014 through four tenders that the company participated in, CFO Adrian Ooi said.

According to Ooi, the company is planning to acquire oil and gas services company in the first quarter of 2014, which has bagged $80 million long-term work order and a producing coal mine with reserves of around 100 million tons.

Ooi said the MoUs for the acquisition had been signed with closure expected in the first quarter of 2014. (*)