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Benakat secures loan to finance acquisition
Publicly listed oil and gas company Benakat Petroleum Energy has secured loans to partly finance the acquisition of mining service provider PT Astrindo Mahakarya Indonesia
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ublicly listed oil and gas company Benakat Petroleum Energy has secured loans to partly finance the acquisition of mining service provider PT Astrindo Mahakarya Indonesia .
“The loan comes from a syndicate of local and foreign banks but we have not decided on the amount to be raised,” Benakat director Firlie Ganindito said.
Benakat announced late last year that it had reached agreement to acquire 99.99 percent stake in Astrindo from PT Indokreasi Nusantara Sejahtera in a deal worth US$600 million.
The company initially planned to finalize the acquisition on March 30 but extended it to June 30 and later to Sept. 30
“The problem is not with the funding, but in the clean and clear requirement from Astrindo,” Firlie said.
He added that the company was optimistic that it would complete the acquisition this September and would settle all processes in October, so that Astrindo would be able to make a contribution to Benakat’s financial performance.
Astrindo, which was established in 2005 as one of the country’s major coal mining service providers, can mine up to 70 million tons of coal a year.
Benakat expected this year’s net profit would be lower than the initial target of $110 million due to a delay in the acquisition of Astrindo. The company hoped to reap $80 million from Astrindo this year, which will add to the company’s own net profit of around $30 million.
Benakat reaped Rp 187.39 billion ($19.6 million) in total revenues in the first half of the year, a 17 percent increase from Rp 158.85 billion in the same period last year. Its net profit stood at Rp 22.06 billion in the first semester of the year, up 18 percent from Rp 18.62 billion in the same period last year. This year, the company expects to book total revenues of Rp 743 billion.
Benakat is 32.24 percent owned by PT Indotambang Perkasa, 14.57 percent by Inventures Capital Pte. Ltd., and 53.19 percent by the public. Through its subsidiary PT Benakat Oil, which operates Banakat Barat block in South Sumatra and Bangkudulis block in East Kalimantan. The company expects to produce 3,275 barrels of oil per day (bopd) from Banakat Barat block and 3,070 bopd from the Bangkudulis block by the end of this year.
—JP/Raras Cahyafitri
