Mitra Energi Persada returns to bourse

PT Mitra Energi Persada Tbk (MEP), which is primarily engaged in trading of oil, gas and coal, re-listed its shares on the Indonesia Stock Exchange on Monday as part of strategy to seek funds for future expansion.

?We return to the bourse to fulfill responsibility to shareholders,? said MEP President Director Ivo Wongkaren.

MEP has changed its name and core business a few times. Set up in 1981, the company initially was engaged in advertising business under the name of PT Adwitiya Alembana. In 2000, it changed its name into PT Kopitime Dot Com, and in 2001 listed its shares in the stock market. The company changed its name to PT Korpora Persada Investama in 2005 as an investment company.

In February 2007, it was delisted from the stock exchange. In 2008, it changed its name again into PT MEP with a new core business in trading particularly oil, gas and coal.

Ivo said that going forward, the company will focus on developing new gas infrastructure facilities through subsidiary PT Migra Energi Buana, which currently operates a 25 Km gas pipeline in South Sumatra with an installed capacity of 10 mmscfd, but only 3.7 mmscfd being utilized. (*)