Thursday, February 18, 2010

Bakrie shares at Energi slashed down to 15.08%

The shares of PT Bakrie & Brothers Tbk at PT Energi Mega Persada Tbk was slashed down to 28.12 percent as from 43.2 percent in relation to the implementation of rights issue through oil and gas producer.
Vice President of Capital Market of Energy Mega Persada Herwin Hidayat in the official statement said the portion of stock possession of Bakrie after the rights issue II (PUT) consisted of 70.42 percent shares owned by public, 28.12 percent directly or indirectly by Bakrie & Brothers, 1.46 percent by PT Danatama Makmur and PT Madani Sekuritas as the standby buyers of the rights issue.
The company will promptly get IDR4.84 trillion proceeds or US$519 million following the finalized PUT. Besides, it will be used for debt payment to Credit Suisse. The company will also allocate the fund to acquire 10 percent possession of Blok Masela from Inpex as the major shareholder.
With the less obligation to Credit Suisse, the management projected the compnay could book profit by end of the year.
Energi Mega owns US$607.3 million obligation to the creditor. With the payment of US$250 million to the largest creditor, Credit Suisse, the corporate debt only stands at US$357.3 million. The figure consists of the debt to the Credit Suisse standing at US$200 million and other creditors US$157.3 million.
For the acquisition of 10 percent of Blok Masela, the company allotted US$100 million fund. The remaining proceeds of the rights issue or IDR908.8 billion will be used as the capital expenditure.
The management believed the acquisition of Blok Masela enables the company to increase the revenue significantly despite the fact that the block will only start its production by 2016.
With the PUT, the amount of corporate basic capital becomes IDR5.5 trillion as from IDR55 billion or rose 10 folds. Besides, the company also provides 4.90 billion warrants for free to the shareholders.
PUT of Energi Mega is finalized by the sales of 7.4 billion shares or 28.26 percent of the total rights issue to some foreign investors. The offered price was IDR185 per share unit or the same as the offering price.

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