Mitra Rajasa completes acquisition of Apexindo shares

After a delay of more than two weeks, IDX-listed oil, gas services firm PT Mitra Rajasa has finally completed the acquisition of IDX-listed drilling service company PT Apexindo Pratama Duta?s shares, Kontan reported on Wednesday.

Mitra had settled the initial payment for the acquisition of Apexindo?s 80.57 percent shares worth Rp 5.2 trillion (US$558 million ) to PT Medco Energi Internasional and Encore International according to the sale and purchase agreement, Medco?s chief commissioner Hilmi Panigoro said.

Medco, an IDX listed oil and gas firm has 80.57 percent Apexindo?s share.

He said that Mitra had transferred cash of US$405 million to an escrow fund in accordance with the agreement signed on June 9. In addition, Mitra would pay additional funds of $112.4 million in the form of one-year notes to Medco and Encore as the majority shareholders of Apexindo.

Hilmi hoped the entire process of the transaction could be completed on Thursday. (*)