Protasco fails to acquire RI oil, gas firm
Wednesday, August 6 2014 - 01:05 AM WIB
Malaysia-listed investment holding company Protasco Berhad announced Tuesday its plan to acquire a majority stake in Indonesian oil and gas firm PT Anglo Slavic Indonesia (ASI) from PT Anglo Slavic Utama (ASU) for US$22 million has failed.
?The conditions subsequent pursuant to restated SPA (sale and purchase agreement) have not been fulfilled by the vendor and the security provider within the condition period and accordingly, the restated SPA lapsed on 28 July 2014,? the company said in a statement to the bourse.
Protasco said it is now in discussion with the vendor for the purchase price to be returned via amongst others cash or disposal of the secured shares in accordance with the terms of the restated SPA.
Protasco, a construction and property group, first signed an agreement with ASU in December of 2012 to acquire a 76 percent stake in ASI for $55 million as part of diversification into the lucrative oil and gas sector.
It signed a new SPA in January of this year with the same company, for a reduced stake of 63 percent at a lower purchase price of $22 million.
ASI owns an indirect interest in an oilfield in Kuala Simpang Timur (KST) field in the Nanggroe Aceh Darussalam Province in Indonesia.
Editing by Reiner Simanjuntak