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Benakat Petroleum (BIPI) Receives Shareholder Approval to Acquire Astrindo (AMI)

Jakarta, Indonesia, Dec 17, 2012 - (ACN Newswire) - PT Benakat Petroleum Energy Tbk ("BIPI"), which signed a Conditional Sales and Purchase Agreement on December 19, 2011 to acquire PT Astrindo Mahakarya Indonesia ("AMI"), a company engaged in the coal mining infrastructure sector, held an Extraordinary General Meeting of Shareholders (EGMS) on December 14, 2012 with one of the agenda being the PLAN FOR ACQUISITION OF SHARES OF PT ASTRINDO MAHAKARYA INDONESIA.

"We have obtained the approval of the shareholders to acquire AMI," commented Michael Wong. The acquisition of AMI is expected to dramatically increase the performance of BIPI, led by a consortium comprising Omar Putihrai dan Halim Jusuf, among others.

Wong said that in 2013, BIPI revenue would be expected to increase close to IDR 4 trillion as compared to this year's revenue of IDR 365 billion. As for the net profit, it would be expected to increase close to IDR 1 trillion in 2013, with EBITDA reaching IDR 2.5 trillion as compared to the projected 2012 EBITDA of IDR 36 billion.

AMI is a coal mining infrastructure company which owns integrated coal mining infrastructure assets in the form of a coal port with total capacity of 48 million tonnes per year and an overland conveyor infrastructure for the provision of integrated coal supply services with an estimated total capacity of 73,5 metric tonnes per year.

The EGMS also approved the appointment of Mr. Theodorus Ito Prawira Jatty as Independent Commissioner, replacing Mr. Zanial Achmad.

About PT Benakat Petroleum Energy Tbk

PT Benakat Petroleum Energy (IDX:BIMI) is an integrated oil and gas company that owns investment and asset portfolios in several mining sectors, including oil and gas, coal, manganese, with the support of integrated oil and gas services business. Listed on the Indonesian Stock Exchange in early 2010, BIPI has made several strategic acquisitions to strengthen its business, including the acquisition of 37,67% of shares of PT Elnusa Tbk (ELSA), 10,3% of shares of PT Buana Listya Tama Tbk (BULL), 100% of shares of Patina Group Ltd, and following the GMS on December 14, 2012, the full acquisition of PT Astrindo Mahakarya Indonesia (AMI). For more information, please see www.benakat.co.id.

Source: PT Benakat Petroleum Energy Tbk

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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