Saratoga has reached agreement to acquire APOL

Saratoga Capital, an investment company jointly owned by Edwin Soeryadjaya and Sandiaga Uno, will likely acquire majority shares in financially troubled shipping company PT Arpeni Pratama Ocean (APOL), Kontan reported Tuesday.

The newspaper?s source said that Saratoga had reached an agreement with the existing shareholders of Arpeni to take over the majority stake in the shipping company which also operates a number of large ships to transport coal in the country.

The source said that Saratoga had agreed to inject fresh funds worth up to US$100 million into the ailing shipping company. But Edwin and Sandiaga, both shareholders of coal mining company PT Adaro Energy, refused to comment on the acquisition speculation.

?Please ask the management of Arpeni Pratama,? said Sandiaga

Arpeni?s financial condition is worsening due to their mounting debts. The company suffered a net loss of Rp 190.6 billion at the end of the first quarter, about 17 percent higher than those recorded in the same period, last year. (*)