Babat Kukui Energi to offer 175 million shares in IPO
Monday, May 13 2002 - 12:16 PM WIB
Oil company PT Babat Kukui Energi said it plans to sell 175 million shares or 30.43 percent of its enlarged capital through an initial public offering (IPO), with one warrant attached with every 10 shares, AFX ASIA reported Monday.
The warrants are exercisable between Jan 8, 2003 and July 11, 2005.
Around 80 percent of the money raised will be used for working capital to increase oil production, Babat said in a published prospectus. The remaining 20 percent will go towards repayment of debts.
According to MIGAS data, Babat Kukui Energi is operator of the Babat Kukui technical assistance contract (TAC) area in South Sumatra.
Babat posted a net profit of Rp420.633 million in 2001 against Rp262.9 million in the previous year, on net revenue of Rp5.452 billion against Rp4.392 billion.
The shares and warrants are scheduled to start trading on the Jakarta Stock Exchange on July 11. (*)