Radiant Utama plans to acquire three service companies
Wednesday, May 23 2007 - 02:12 AM WIB
JSX-listed oil and gas support company PT. Radiant Utama Interinsco Tbk. plans to acquire three companies operating in the same business within the next two years as part of its expansion plan, Kontan reported Wednesday.
The company's corporate secretary Misyal A. Bahwal said in Jakarta Tuesday that the company would need between $50 million and $70 million in fresh funds to finance the purchase of the three companies.
He, however, refused to name the three companies, saying that negotiations were still underway whether Radiant would only take over the companies' entire shares or only their potential assets.
Misyal said that Radiant were considering a number of alternatives to finance the takeover plan such as by bank loans or by the issuance of convertible bonds.
The company’s core businesses are operations support services, inspection and certification, offshore services, including drilling services, where the company is principal of US drilling firm GlobalSantaFe International Drilling Co. (*)