Energi Mega shares give 50 percent gain to investors
Tuesday, June 8 2004 - 02:14 AM WIB
The shares of oil and gas company PT Energi Mega Persada Tbk in its debut on the Jakarta Stock Exchange yielded 50 percent or Rp80 per share gain to investors who bought them during the initial public offering (IPO), the Investor Daily Indonesia newspaper reported in its Tuesday edition.
Energi Mega’s shares were listed on the JSX on Monday.
During the IPO, the shares of Energi Mega were offered at a price of Rp160 per share and they were closed at Rp240 at the end of the first day of trading in the bourse. The company was able to raise Rp455 billion, the biggest amount raised by a single company in 2004 on the JSX.
The president director of PT Danatama Makmur, the lead underwriter of Energi Mega, Houston Yusuf, said the rise in the share price was due to huge interest of foreign investors in the company.
Energi Mega topped in the categories of top active, top volume and top gainer on the first day of the trading. Its shares were traded 1,223 times and 203.04 million shares were exchanged hands sold at a value of Rp47.66 billion, Houston said.
Moreover, Houston said that out of 2.8 billion shares or 30 percent of the company’s total shares, 80 percent of them were offered to foreign investors and the IPO was oversubscribed.
The investors who bought Energi Mega’s shares were Asian Tiger Fund Investment, Commerze Bank Fund Asia Vision, Trigonal Ltd Company and Cannary International Investment Company.
Most of the above investors see the company has bright prospects and it will yield good return on their investment. (*)