Monday 1 July 2013

Protasco: extensions and extra conditions

Protasco announced the following information regarding the proposed acquisition of 76% of PT ASI (about which I wrote several times):

(a) to extend the period to complete the Due Diligence (“Due Diligence Period”) to 31 July 2013;

(b) to extend the period for the parties to obtain all Conditions Precedent (“Condition Period”) to 30 September 2013;

(c) to include an additional condition precedent whereby the Vendor shall use its best endeavours, at its own costs, to obtain in writing binding extension to the PMP Agreement made between Pertamina and PT Haseba beyond its current expiry on 14 December 2014 on the best terms possible; and

(d) to insert an additional clause to clarify that the Vendor shall bear all additional costs as may be incurred by PB in completing the Due Diligence and obtaining all approvals as a consequence of PB agreeing to the Vendor’s request to extend the Due Diligence Period and Condition Period accordingly.

It looks like this deal will take a long time, not completely surprising, hence the extensions. In the mean time it has parked RM 50 million in December 2012 in Indonesia as deposit. Information has been minimal, if any, many essential details regarding the deal are still unknown. The regulators (SC and BM) have not visibly taken any action, but they might be active behind the scenes.


  1. Thanks for keeping the matter least until the authorities wake up and bring these unscruplesless cheats to face the music. Where is the RM50 million. Auditors also sleeping!

  2. You don't need to be of average intelligence to know that the RM50 million is long gone, do you? When you can't solve the mess, create another mess lor....

  3. I hope [1] you are wrong or [2] you are right but later the money is still returned.

    I guess we just have to wait and hopefully one day we know exactly what happened. But there is a chance we will never know, which would be frustrating, and a big minus for CG in Malaysia.