Energi Mega plans private placement

IDX-listed oil and gas company PT Energi Mega Persada Tbk plans to raise funds via private placement, the proceeds of which to be used to help finance expansion of subsidiaries and working capital.

According to company prospectus published Monday, Energi Mega will issue 4.46 billion new shares, or about 10 percent of the issued and fully paid capital.

Taking into account the average price of the company?s shares in the stock market during the past 25 days and the existing regulation of the Indonesia Stock Exchange, Energi Mega said it may set the price of the new shares at a minimum of Rp 100 each, thus allowing the company to raise at least Rp 446.42 billion worth of proceeds.

The company, however, has yet to disclose the identity of investor or investors that would subscribe to the new shares.

About 63.82 percent of Energi Mega shares are held by the public investors. Individual large investors include UBS AG Singapore (16.1%), Mackenzie (7.69%), and PT Bakrie & Brothers Tbk (6.28%). (*)