Pertamina delays plan to inject fresh fund into Elnusa Petro
Tuesday, October 31 2000 - 06:00 AM WIB
State owned oil company Pertamina has delayed its plan to inject fresh funds worth Rp 44.1 billion to subsidiary PT Elnusa Petro Teknik as the later had yet to clarify the status of the ownership of PT Tri Daya Esta, which is owned by former president Soeharto's son Bambang Trihatmodjo, evening daily Pembaruan reported on Monday.
"Pertamina made it clear during a recent shareholders meeting that it would not inject the promised fund until the ownership of Bambang in the company was removed," Elnusa Petro Teknik's president Rudi Radjab said.
At present, EPT is 43 percent owned by PT Elnusa Tbk, 37 percent by PT Elnusa Harapan, 10 percent by Pertamina savings foundation and 5 percent by Pertamina employee foundation and the remaining 48.5 percent by Tri Daya.
Tri Daya, which acquired the stake in EPT when the later launched its initial public offering in early 1997, had transferred its ownership to state owned trust fund Danareksa, Radjab said.
"De facto, the company has transferred its ownership to Danareksa but it has yet to be formalized into legal procedure," he added.
Radjab said that the delay in the injection of fresh fund from Pertamina would certainly affect the operation of the company, which at present has equity of only Rp 1 billion. (*)