JAKARTA - PT Mitra Investindo Tbk (MITI), a land clearing and excavation company, estimates that its equity will decrease, following the termination of joint operation (KSO) contract between PT Pertamina EP (PEP) and PT Benakat Barat Petroleum (BBP).
As quoted from the disclosure of company information, Diah Pertiwi Gandhi, Director of PT Mitra Investindo Tbk (MITI) stated that PEP had terminated the joint operation contract between PEP and BBP. "This company owns a 23.44% stake in PT Benakat Oil," she said.
PT Benakat Oil, currently PT Indelberg Oil Indonesia, which holds the participation right in BBP, is currently named PT Indelberg Makmur Petroleum. Information about the termination of the contract was received on 15 May 2019.
According to her, the termination of the contract will have an impact on business operation, finance, business continuity, and law. "Currently the company has no operational activities to ensure the going concern of the company unless otherwise and continue explores other business activities for the sustainability of the company," she added. (LK)