Leo Investments eyeing rig provider acquisition
Wednesday, October 7 2009 - 03:14 AM WIB
IDX-listed firm Leo Investments Tbk reported on Wednesday that it has signed an MoU to acquire stake at drilling rig provider PT Permata Selaras Mandiri (PSM).
The company said that the MoU was signed with Harun Abidin, the controlling shareholder of PSM.
PSM, which has three onshore drilling rigs, has book value of US$16 million. Its rigs are currently under contract with state oil, gas company PT Pertamina with cumulative contract value of $13.8 million, the company said in a report filed with the IDX. (alex)