VIVAnews - Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) is still studying the outcome of the agreement between PT Bakrie & Brothers Tbk (BNBR) and Northstar Pacific Partners Ltd.
“With regard to the BNBR issue, Bapepam can’t take a position yet,” said Noor Rachman, the Agency’s Director of the Corporate Finance for Services Industry Bureau, at his office, Monday, Dec. 1.
According to Noor, the Agency has yet to determine which regulation would be applied to evaluate the outcome of the agreement. The two regulations are Bapepam-LK Rules No. IX.D.1 concerning Pre-emptive Rights and No. IX.D.4. concerning Increasing Capital Without Pre-emptive Rights. “We’ll see tomorrow,” he said.
With regard to the report of the BNBR-Northstar agreement, Noor said that he has not read the letter. However, it has probably been received the Agency’s administration.
Northstar Pacific Partners Limited finally became a strategic partner of PT Bakrie & Brothers Tbk (BNBR) after taking over the latter’s debt which amounts to US$575 million from Oddickson Finance. The remaining debts will be repaid by the end of 2008.
Northstar will indirectly continue to have control over BNBR’s asset portfolio and will be able to fulfill its strategic interest in PT Bumi Resources Tbk (BUMI).
The takeover of a major portion of BNBR’s debts will be the basis of forming a joint venture.
Translated by: Ramona Sofianne Dewi.
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