JAKARTA. PT Sumber Energi Andalan Tbk (ITMA) has canceled the trade agreement on the shares of PT Mitratama Perkasa to Long Haul Holdings Limited that was signed in 2014. The agreement involves the sale of 30% Mitratama shares to Long Haul that is worth US$ 120 million.
Mitratama Perkasa is the integrated coal service provider. This company owns and rents coal port and crusher facilities. Previously, Long Haul was known as the part of Bakrie Group.
The transaction was supposed to involve ITMA and PT Benakat Integra Tbk (BIPI). Long Haul was only known as the broker for BIPI in the sales of Mitratama’s shares. To date, BIPI controls 70% of Mitratama’s shares through PT Nusa Pratama Indah.
BIPI was planning to control 100% Mitratama’s shares by acquiring 30% of Mitratama’s shares through ITMA. BIPI even had paid the down payment, which amounted to US$ 107.7 million.
Initially, ITMA and Long Haul signed the shares trade agreement on 19 February 2014. The transaction itself has been repeatedly canceled, due to several factors that needed to be settled by the two parties, including related to the regulation to accomplish and settle the restructuring of the assets of Miratama that required approval from the creditors.
Initially, the trade agreement was supposed to be valid during one year period of time. However, both parties agreed to extend the transaction date until 31 December 2016.
Corporate Secretary of ITMA Gunturan Ibmawan said, since there was no approval from Mitratama’s creditors, ITMA decided not to extend the transaction validity of the sales, as well as terminated the agreement on 29 November 2016. “We will maintain our ownership on 30% of Mitratama Perkasa’s shares,” Gunturan said, Friday (2/12).
Until the news was revealed, the management of BIPI has not yet answered the phone call and short messages from KONTAN. As information, previously, Miratama was the subsidiary of PT Bumi Resources Tbk (BUMI). In 2012, ITMA acquired 30% of Mitratama’s shares from BUMI. BUMI sold the Mitratama’s shares to enhance efficiency.
Actually, the valuation of 30% of Mitratama’s shares was US$ 26.7 million. But, BUMI sold them at the price only US$ 1 million. However, BUMI obtained the cancelation of technical service agreement (TSA) with the net present value at US$ 45 million and is valid until 2021, in return of the valuation of Mitratama’s shares.
ITMA is the subsidiary of Trust Energy Resources Pte Ltd that controls 94.61% of the company’s shares.. India-based conglomeration Tata Power controls 100% of Trust Energy’s shares.
Recently, Tata announced to release the shares in Mitratama Perkasa, as well as in ITMA. Tata had signed agreement with Rwood Resources Ltd, which is also an entity of Bakrie Group, to divest 94% of ITMA and Mitratama’s shares. The acquisition value of the infrastructure company was revised from US$ 120 million to US$ 154.28 million.
Analyst at Bina Artha Prama Sekuritas Reza Priyambada said, since the beginning, the acquisition of Mitratama’s shares was elusive. However, Mitratama had boosted the performance of ITMA. Reza suggested reviewing the impacts of the transaction cancellation. Therefore, according to Reza, investors have to be cautious in making decision related to the shares of ITMA and BIPI.
(Muhammad Farid/Translator)
