Mitra Rajasa might fail to acquire Apexindo

The acquisition of 80.57 percent shares in IDX-listed drilling firm PT Apexindo Pratama Duta Tbk by oil, gas services company PT Mitra Rajasa Tbk might fail because the buyer had yet to settle the transaction valued at Rp 5.19 trillion, Bisnis Indonesia reported Wednesday.

Apexindo's President Director Hetriono Kartowisastro said that under the sale and purchase agreement (SPA), the transaction should be made by the end of August. ?Based on the SPA, the acquisition has failed. But it depends on PT Medco Energi International Tbk." he said.

Medco, an IDX listed oil and gas firm, is the owner of Apexindo.

According to him, Medco has yet to decide whether to give more times for Mitra Rajasa to make payment for the acquisition. He said that he did not know exactly the reason why Mitra Rajasa had delayed the payment.

In June this year, Mitra Rajasa signed Rp.5.19 trillion (US$558 million ) deal to acquire 80.57 percent shares of Apexindo from Medco and Encore International Pte. Ltd. (*)