| Benakat absorbs IDR150 billion from IPO |
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| Tuesday, 27 July 2010 09:19 | |||
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JAKARTA - PT Benakat Petroleum Energy Tbk through the first half in 2010 had absorbed IDR150 billion or 9.3% of the targeted IDR1.61 trillion in the initial public offering (IPO). Corporate Secretary Benakat Ferdinand Dion said that the fund will be utilized to expand the oil and gas business, start a mining business, and buy bonds of Patina Group Ltd, its subsidiary, as much as IDR40 billion. "In the future, there are many things that the company will develop, and we will use the remaining fund to expand the business," he said today. According to Ferdinand, the company started recording some earnings in the first half in 2010. However, if it is accumulated, Benakat still suffers some losses. "In the third quarter in 2010, if we accumulate, we can book a profit. We are optimistic to reach the target we have set at first," he continued. Then, regarding PT Elnusa Tbk, Dion revealed that the oil and gas drilling company has noted some contribution to the profit. Yet, he could not mention the exact number. Benakat recently acquired 37.15% shares in PT Elnusa Tbk in a transaction amounting IDR894 billion. To finance the acquisition, the company drew some loans from the holding company, PT Indotambang Perkasa. The company plans to seek fund amounting to IDR1 trillion to refinance loans due on September 12. Benakat has made approach to several banks and financial institutions to get financial support for the refinancing plan. by: Bambang P. Jatmiko (Bisnis.com)
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