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PT Benakat Petroleum Energy (BIPI) to Complete Acquisition of AMI

Jakarta, Indonesia, Nov 23, 2012 - (ACN Newswire) - PT Benakat Petroleum Energy Tbk (the "Company"), an integrated company led by a consortium that consists of Mr. Omar Putihrai and Mr. Halim Jusuf among others, will finally complete its acquisition of PT Astrindo Mahakarya Indonesia, a company engaged in the field of integrated coal chain services with ownership of coal mining infrastructure, such as coal port and over-land conveyor infrastructure.

This acquisition is a realization of the Conditional Sales and Purchase Agreement dated December 19, 2011 between the Company and PT Indrokreasi Nuansa Sejahtera, a company under the control of Sennelius Thong, a member of the Lippo Group companies.

For the purpose of this acquisition, the Company shall hold an Extraordinary General Meeting of Shareholders (EGMS) and a Public Expose on December 14, 2012 to request the approval of the shareholders. The Company made the announcement and conveyance of acquisition information disclosure on November 14, 2012.

"After undergoing a long process, the Parties reached an agreement on the acquisition of AMI and with the consent of the shareholders at the EGMS on December 2012, we shall soon complete it," said Michael Wong, Director of the Company.

The value of the AMI acquisition is USD 600,000,000 (six hundred million United States Dollar), which under the regulation of Bapepam, constitutes a material transaction that requires the prior approval of the shareholders, as its value exceeds 50% of the Company's equity.

Furthermore, Michael added that the acquisition of AMI would contribute significantly to the Company's growth with the increasing earnings and profitability of the Company and increase the value for shareholders.

"With the acquisition of AMI, the Company shall have participation in the integrated coal mining infrastructure assets in the form of coal port with a total capacity of 48 million tons per year and over-land conveyor infrastructure to provide integrated coal chain services with an estimated total capacity of 73,5 metric tons per year, so that the earnings of the Company are projected to drastically increase from USD 40 million in 2012 to USD 415 million in 2013, while the Net Income will jump from USD 3 million in 2012 to USD 159 million in 2013 and EBITDA in 2013 will increase from the estimated EBITDA 2012 of USD 9 million to USD 365 million" said Michael Wong.

"In addition, ever since listed on the Indonesian Stock Exchange, we have made several strategic acqusitions to fortify our business model, inter alia, through the acquisition of 37,67% of shares of PT Elnusa Tbk (ELSA), 10,3% of shares of PT Buana Listya Tama Tbk (BULL) and 100% of shares of Patina Group Ltd," concluded Michael Wong.

About PT Benakat Petroleum Energy Tbk

PT Benakat Petroleum Energy (IDX:BIMI) is an integrated energy company, which has investment and asset portfolios in the mining and energy sector, and supported by integrated oil and gas services. The Company listed its shares on the Indonesian Stock Exchange on February 10, 2010, and currently the total amount of outstanding shares of the Company is 35,043,851,428 with a total market capitalization of Rp. 7,7 trillion. For more information, please see www.benakat.co.id.

Source: PT Benakat Petroleum Energy Tbk

Contact:
Dina Andini
Corporate Secretary,
PT Benakat Petroleum Energy Tbk.
Tel: +62-21-576-4661
Email: [email protected]




Copyright 2012 ACN Newswire. All rights reserved.

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