Wednesday, August 30, 2006

Lapindo disaster: Energi would runaway?

Bisnis Indonesia run a headline titled...Hot mudflow crisis cost the company, Energi spin-off Lapindo...which means PT Energi Mega Persada Tbk would runaway from all the responsibilities of the disaster from Lapindo Brantas Inc's operation. What?

Quoting an executive who claimed familiar with the plan, the newspaper reported the spin-off would be completed before the planned merger of Energi and PT Bumi Resources Tbk. Lapindo Brantas Inc is the wholly-owned subsidiary of Energi and has 50% shares in Brantas PSC with Medco Energi and Santos as partners.
The mud flow started out in May 29 at Brantas PSC's Banjar Panji-1 well where Lapindo is the operator. Lapindo claimed the disaster had cost the company some US$70 million. Some predicts the cost would goes up to US$380 million.
Energi's investor relation officer Herwin W. Hidayat declined to confirm the spin-off saying the company is reviewing some strategies to minimize the impact of Lapindo's disaster. "Our focus is to stop the mud flow," he said.
Why spin-off? To protect the shares price, Bisnis source said. So, it's like you're defending a father who simply give away his son in trouble even though the son had contributed a lot in the past. What a family!

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Anonymous Anonymous said...

=P thats what i thought when i read it. but, do you see the comments from bankers and analyst of the separation? good.... where are all the conscience??

August 30, 2006 9:31 AM  
Anonymous Anonymous said...

well - also the family is not going to bear the cost and give deliverence to shareholders without their own pound of flesh being extracted either - guess from whom - shareholders i am sure

August 30, 2006 11:53 AM  
Anonymous Anonymous said...

Again, Bakrie Family affiliated firm Energi came out with promising plan....spin-off? Too much plan to do, zero will be the result...

August 30, 2006 12:36 PM  

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