JAKARTA -
A consortium made up of Indonesian private equity firms Northstar Pacific and Saratoga Capital has been named the preferred bidder for a stake in oil services firm PT Elnusa Tbk, the arranger for the deal said.
Plans by contracting firm PT Tri Daya Esta's to divest its 37 percent stake in Elnusa (ELSA.JK) attracted several bidders, including state energy firm Pertamina, which has already has a 41 percent stake in Elnusa.
"Tri Daya Esta will immediately continue to complete the negotiation with Northstar-Saratoga consortium, which has been stated as preferred bidder," PT Bahana Securities said a statement late on Thursday.
Officials from Northstar or Saratoga were not immediately available for comment.
Bahana said the consortium was chosen because it offered a credible business plan and the best offer price, but did not elaborate.
The transaction is expected to be completed within eight to ten weeks.
Elnusa's shares fell 4.9 percent to 385 rupiah as of 0809 GMT, compared to a 0.23 percent fall in the broader market .JKSE. From Reuters, 11th June 2009
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