Freehold Cancels Lapindo Purchase
Tuesday, 28 November, 2006 | 17:04 WIB

TEMPO Interactive, Jakarta: Freehold Group Limited canceled the purchase of Lapindo Brantas Inc. from PT Energi Mega Persada, a Bakrie Group affiliation. Freeport's argument, according to PT Energi's explanation to the Jakarta Stock Exchange (JSX) is because of the controversy about the sale.

PT Energi agreed upon the cancellation after considering the controversy about the sale that is unacceptable for many related parties. “Next the company will sign the letter of purchase agreement termination so that shares sale are canceled and legally ends,” said PT Energi Mega Persada's Managing Director Christopher B. Newton in a report to JSX in Jakarta (28/11).

Newton said regardless of whether there is or is not a sale, Lapindo Brantas will take necessary actions in order to overcome the impact of mudflow around Bantarpanji Block.

YULIAWATI