Jul 16, 2010

Energi Mega Q1 deposit only Rp130 bio

Management of PT Energi Mega Persada Tbk (ENRG) today finally reveals that the company only recorded Rp130 billion of time deposit as of March 31 2010 put in PT Bank Capital Indonesia Tbk (BACA), reflecting Rp1 trillion variance.
Energi Mega in its March 2010 financial report recorded Rp1.14 trillion of time deposit saved in Bank Capital.
In a formal announcement to Indonesia Stock Exchange, the variance is because the company started to put money bagged from rights issue into short term investment, mainly for early payment of acquisition of 10% interest in Masela Production Sharing Contract from Inpex. 
"At the end of rights issue II, Energi Mega puts Rp1.14 trillion of time deposit in Bank Capital. At the same month, we transferred Rp866 billion into protected short term investment and Rp139 billion to pay acquisition in the next month," Energi Mega said. 
Energi Mega's deposit in Bank Capital obtains annual interest rate at 7%. ENRG stocks today falls 5.69% from Rp123 per share to Rp166

Disclosure: No position at the stock mentioned above.

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