Transfer of TAC from Binatek to Green World approved

By Romel S. Gurky

IDX-listed PT Bintang Mitra Sejahtera (BMS) announced on Friday that the directorate general of oil and gas and state owned oil and gas firm PT Perrtamina have approved the transfer of a TAC block from its subsidiary PT Binatek Reka Kruh (BRK) to PT Green World Nusantara (GWN)

The firm said the directorate general approved the transfer in a letter dated Nov. 13, while Pertamina approved it in a letter dated Dec. 9.

BMS earlier said BRK will receive US$6 million from GWN. And BSM, which owns 90 percent of BRK, will receive $5.4 million of the proceeds. The amount will be reduced to meet the obligation of the seller until the completion of the transaction

The firm, however, did not provide details about the TAC block.

Editing by Johannes Simbolon