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View all search resultsEconomy in brief: Barito Pacific to acquire Star Energy
Diversified petrochemical giant PT Barito Pacific has secured a US$250 million loan from Bangkok Bank, Thailand’s biggest lender by assets, to support its plan to acquire local energy firm Star Energy Group Holdings Pte
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iversified petrochemical giant PT Barito Pacific has secured a US$250 million loan from Bangkok Bank, Thailand’s biggest lender by assets, to support its plan to acquire local energy firm Star Energy Group Holdings Pte. Ltd. (SEGHL).
The loan had to be settled within 18 months after March 24 when the agreement was signed, Barito Pacific director Henky Susanto said in a statement released at the Indonesia Stock Exchange (IDX).
Under the deal, Barito has pledged nearly 500 million shares of its subsidiary PT Chandra Asri Petrochemical, Barito’s debt service reserve account and dividend account, as collateral.
Furthermore, a corporate guarantee provided by other Barito’s subsidiaries PT Griya Idola and Marigold Resources Pte. Ltd. also serves as collateral.
Prior to the loan agreement, Barito, owned by tycoon Prajogo Pangestu, signed on March 21 a supplemental memorandum of understanding (MoU) regarding the acquisition plan with two SEGHL shareholders, Star Energy Investment Ltd. and SE Holdings Limited.
