Apexindo oil drilling firm expects Rp 200 billion from IPO

Oil and gas drilling company PT Apexindo Pratama Duta Tbk expects to raise about Rp 200 billion from the planned sales of the company?s 17.82 percent to the public, the company?s president Hertriono Kartowisastro has said.

He said that about 90 percent of the proceeds to be raised from the initial public offering (IPO) would be used to procure new drilling equipment such as submersible swamp barge, which would cost the company about Rp 500 billion.

"The remaining fund for the purchase of the new equipment would be in the form of loans from banks," he was quoted as saying.

He said that the other five percent of the IPO proceeds would be used to build a new warehouse and the remaining five percent for the development of technology and human resources.

At present, Apexindo is owned by PT Medco Energi International Tbk, with 87.5 percent, PT Hertech Kharisma (8.05 percent), PT Dutatech Persada (4.01 percent) PT Antareja Hertrindo Khraisma and Suran Fadil Ilhamsyah, with 0,28 percent and 0.09 percent, respectively. (*)