PT Bakrie & Brothers Tbk entered into an agreement to acquire 30% stake in PT Mitratama Perkasa from PT Sumber Energi Andalan Tbk for $120 million.
The transaction, which is subject to requisite approvals, is expected to close within April 2014. As of May 16, 2014, the transaction has been approved by shareholders of PT Sumber Energi Andalan Tbk. As of April 2, 2015, the transaction, which is subject to approval of lenders of PT Mitratama Perkasa, is still pending. The Long stop date of the transaction has been extended to June 30, 2015. Hendrawinata Eddy& Siddharta acted as accountant to Sumber Energi Andalan Tbk and Tjiendradjaja & Handoko Tomo acted as accountant to PT Mitratama Perkasa.