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Home  >>   Daily News  >>   Indonesia News  >>Energy  >> BIPI targets to buy Mitratama for $120m
NEW UPDATES Asean Affairs  30 June 2014  




BIPI targets to buy Mitratama for $120m

Energy company PT Benakat Integra (BIPI) is looking for US$120 million in bank loans to fund its planned acquisition of PT Mitratama Perkasa due to a lack of internal cash.

“The funds will be externally sourced, from bank loans,” said BIPI corporate secretary Remanja Dyah Intan Suri on Friday as quoted by kontan.co.id.

BIPI’s cash and cash equivalents stood at $34.76 million in the first quarter (Q1) of this year, while its debts amounted to $954.74 million and its equities $491.09 million in the same period.

The acquisition of Mitratama, which leases coal port and crusher facilities, is expected to be completed later this year, according to Remanja.

BIPI will take over a 30 percent stake IN Mitratama from publicly-listed PT Sumber Energi Andalan, which bought the stake in August 2012 from PT Bumi Resources in a deal worth only $1.

Long Haul Holdings Ltd., will serve as the broker for the acquisition.

BIPI previously controlled 70 percent of Mitratama shares through its subsidiary, PT Nusantara Pratama Indah.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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