Capitalinc to enter ONWJ block
Friday, February 7 2014 - 01:37 AM WIB
In a prospectus published Thursday, Capitalinc, which is a unit of the well diversified Recapital Group, said it will sell 27.8 billion shares, or 27.7 percent of its total equity, to investors in March.
Recapital, which is founded by businessmen Rosan Roeslani, Sandiaga Uno, and Elvin Ramli, owns various businesses, including mineral and natural resources, infrastructure, property, media and banks.
According to the prospectus, existing sharesholders with 18 shares will be entitled to buy 125 new shares, at an offering price of Rp 100 each. The rights issue will take place on March 21, and the shares will be listed on the Indonesia Stock Exchange (IDX) on March 24.
Samuel International, part of financial services provider Samuel group, will be the standby buyer for the offered shares.
Capitalinc plans to use the bulk of the proceeds to help finance an acquisition of 100 percent stake of Owen Holdings from its previous shareholders, Densel Ventures and OG Resources. Densel and OG Resources own 69.39 percent and 30.61 percent stake, respectively, in Owen.
Owen, in partnership with IDX-listed PT Energi Mega Persada Tbk, indirectly controls EMP ONWJ, which owns 36.72 percent interest in ONWJ block.
Capitalinc had signed a conditional sales and purchase agreement with Owen?s owners on Jan. 30. The acquisition of the entire stake of Owen will cost $225 million.
The ONWJ block is 58.28 percent controlled by Pertamina Hulu Energi ONWJ, a unit of state-owned oil and gas firm Pertamina. The block is situated offshore, northwest of Java island.
Editing by Reiner Simanjuntak