JAKARTA. PT Bakrie & Brothers Tbk (BNBR), a multisector holding of Bakrie Group, has divested its investment in Fitzroy Offshore Ltd to Telopea.

This divestment follows the Novation Agreement and Settlement Agreement signed by BNBR, Glencore, and Telopea on December 1, 2023. In this agreement, it is said that accounts receivables of Glencore owned by the company has been transferred to Telopea.

"The company then pays off its obligations to Telopea through the transfer of investment in Fitzroy to Telopea," Christofer A. Uktolseja, Corporate Secretary of BNBR, mentioned in the information disclosure in Indonesia Stock Exchange (IDX).

This divestment allows reduction of the company's outstanding loan to USD 860.04 million or equal to IDR 13.23 trillion. "With the handover of Fitzroy's investment by Telopea, the obligations owed to the company had been paid," added Christofer. (KR/ZH)