EMP to raise $378 million from right issue to finance acquisition

JSX-listed oil and gas firm PT.Energi Mega Persada said it planned to raise Rp.3.78 trillion (US$378 million) through right issue.

The company is planning to sell 4.9 billion new shares by offering 15 new shares for every 29 shares held by shareholders.

The company said in a filing to JSX that 78 percent of the proceed would be used to acquire stake in PT.Tunas Harapan Perkasa, which in turn has 100 percent stake in Costa International Group Limited, Kalila (Bentu) Limited, Kalila (Korinci Baru) Limited and 99.99 percent in Insani Mitrasani Gelam and PT.Sembrani Persada Oil.

Costa is 50 percent interest holder and the operator of Gebang PSC block in North Sumatra; Kalila (Bentu) has 50 percent interest in Bentu PSC offshore Riau; Kalila (Korinci Baru) has 100 percent interest in Korinci Baru PSC in Riau; Insani Mitrasani gelam has 100 percent interest in Sungai Gelam TAC in Jambi and Sembrani Persada has 100 percent interest in Semberah TAC in East Kalimantan.

The remaining 22 percent would be used to further development of Brantas, Malacca Strait and Kangean PSCs.

The company plans to execute the plan December. (alex)