Samuel Sekuritas to buy shares in Energi Mega

By Thomas R. Sembiring

Securities firm PT Samuel Sekuritas is set to buy new shares to be issued by IDX-listed oil and gas firm PT Energi Mega Persada Tbk under a proposed private placement program, which obtained shareholders? approval on Wednesday.

?We have obtained the standby buyer,? said Energi Mega President Director Imam P. Agustino, pointing out to Samuel Sekuritas. He added that the securities firm is backed up with a number of investors.

As has been reported by this portal on May 12, Energi Mega plans to issue 4.46 billion new shares, or about 10 percent of the issued and fully paid capital, via private placement. The company said the price of the new shares at Rp 100 each, thus allowing the company to raise at least Rp 446.42 billion worth of proceeds when program is realized.

Imam said that the proceeds will be used to help finance expansion programs.

Elsewhere, Imam said that his company is still waiting for the government?s decision over its future role in the Offshore North West Java (ONWJ) block as the current contract is set to expire in 2017.

?We now have a 36.7 percent participating interest (in the block). The extension (issue) will be the decision of the government,? he told Petromindo.com.

State-owned oil and gas firm PT Pertamina currently holds a 58.28 percent interest in the block, while Risco Energy (Kufpec) 5 percent, with the remainder held by Energi Mega. Recent reports quoting an official at the Ministry of Energy and Mineral Resources said that the government wants to increase Pertamina?s stake in the block to 73.5 percent when extending the current contract, and reduce Energi Mega?s interest to 24 percent, and Kufpec?s to 2.5 percent.

Editing by Reiner Simanjuntak