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Mitra Investindo fails to seal approval for Benakat Oil acquisition
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A backhoe loads granite onto a heavy duty truck at PT Mitra Investindo's mining site. (Courtesy of http://www.mitra-investindo.com//-)
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onstruction and energy company PT Mitra Investindo has once again postponed a plan to buy stakes in Benakat Oil as the required quorum for its extraordinary general meeting was not met on Thursday in Jakarta.
The first meeting on the same agenda held in June this year also failed to meet the quorum of two-thirds of the shareholders.
“We can’t execute our plan, as only around 16 percent of the shareholders attended the meeting today. It failed to meet the required quorum,” Mitra Investindo president director Diah Pertiwi Gandhi told The Jakarta Post.
The company plans to buy a 23.44 percent stake in Benakat Oil from PT Pratama Media Abadi with an investment of Rp 71.37 billion (US$5.45 million).
It has prepared Rp 53.92 billion from internal cash reserves and the remaining Rp 17.45 billion through an equity-swap.
Apart from Pratama, the shareholders of Benakat Oil are PT Benakat Integra and Goldwater Indonesia Inc. with 55.05 percent and 21.51 percent of stock ownership, respectively. (vny/ags)
