Northstar-Saratoga named preferred bidder to acquire Elnusa stake

The consortium of Northstar Pacific Partners and Saratoga Capital has been named preferred bidder in the tender to buy a 37.15 percent stake owned by PT Tridaya Esta in PT Elnusa Tbk, one of the country's major oil and gas services providers.

The consortium is outbidding two other bidders that is state owned oil and gas firm PT Pertamina and PT Ciptadana Securities.

Eko Yuliantoro, the director of Bahana Securities, the financial advisor of Tridaya in the stake sale, said the consortium was picked as the preferred buyer because it offered a higher price in the bidding.

He said that Tridaya and the consortium would further negotiate an acquisition deal within eights or ten weeks.

The consortium has been reported to have offered a price tag of Rp 450 per share in its bid to buy Tridaya?s stake in Elnusa. Pertamina, the current majority shareholder of Elnusa, offered a price of Rp 290 per share, while Ciptadana offered a price of Rp 315 per share. (*)