Triwitra to raise fund to finance oil field acquisition
Wednesday, December 4 2013 - 01:38 PM WIB
IDX-listed firm PT Triwitra Insanlestari Tbk plans to raise Rp 1.52 trillion (US$=Rp 12,000) through rights issue to finance acquisition of an oil field in South Sumatra.
The company said Rp.1.5 trillion of the funds will be used to acquire 100 percent shares of BVI-based Aberden Overseas Capital Limited. Aberden is the holder of mandatory convertible bond issued by PT Sigma Buana Cemerlang (SBC). SBC in turn is the controlling shareholder of PT Santika Pendopo Energy, which has right to operate Talang Akar Pendopo oil field under joint operation scheme for 15 years since June 5, 2013. The field is owned by PT Pertamina EP, an upstream unit of state oil, gas company PT Pertamina.
The company did not give detail about the field?s production figure.
Editing by Johannes Simbolon