Energi Mega?s IPO receives strong demand

Gas and oil company PT Energi Mega Persada?s initial pubic offering (IPO) has received a strong demand from investors particularly from neighboring country Singapore, according to a report carried by Investor daily Friday.

EMP?s director and CEO, Nazamuddin Latief, said in Jakarta on Thursday that the orders to buy the company?s shares coming from Singaporean investors alone had reached nearly US$40 million in value.

?The orders from Singaporean investors alone have reached about 65 percent of the US$60 million targeted,? he said. He, however, said that local investors would be allocated at least 20 percent of the total shares to be sold to the public despite the strong demand from foreign investors.

EMP, which currently produces 12,000 barrels of oil, and 80 million cubic feet of natural gas per day, will offer its shares to the public for three days beginning May 16. The shares will be listed on the Jakarta Stock Exchange (JSX). (*)