Energi Mega delays shareholders? meeting on right issue plan

Publicly listed oil and gas company PT Energi Mega Persada Tbk (EMP) has postponed a planned extraordinary shareholders? meeting as the capital market watchdog has yet to issue approval, Kontan reported on Saturday.

The shareholders' meeting which is aimed to seek approval for rights issue will be held on Dec. 31, rather than the initial schedule of Dec. 28.

The newspaper said that Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) had asked for more detailed information about EMP?s rights issue plan before issuing its approval.

?The information provided by EMP is not complete,? Anis Baridwan, the head of the agency?s financial assessment department for real sector, said in Jakarta on Friday.

Kontan said that Bapepam-LK had delayed the issuance of its approval partly because it still doubted the capability of appointed standby buyers PT Danatama Makmur and PT Madani Securities to buy the unsold shares.

EMP said in a statement that its parent company Bakrie and Brothers had also pledged to buy the shares which were not bought by the existing shareholders.

Bakrie and Brothers had expressed its readiness to buy at least 4.93 billion shares or about 18.84 percent of the shares to be issued in the rights issue, EMP said.

EMP has also raised the number of warrants to be issued as part of the rights issue to 4.91 billion units from 4.72 billion units previously. According to the plan, shareholders are entitled to buy three warrants for Rp 190 for every 16 old shares they hold.

EMP, the subsidiary of PT Bakrie and Brothers Tbk, plans to issue 26.18 billion new shares in the rights issue at a price of Rp 185 per share, and expects to raise Rp 4.84 trillion from the rights issue. About 10 percent from the proceeds will be used to develop the company?s Masela block. (*)