Sep 30, 2010

Indika picks Macquarie & Citi

PT Indika Energy Tbk (INDY), the parent company of coal mining company PT Petrosea Tbk (PTRO), has appointed Macquarie Securities and Citi as joint bookrunner to sell at least 18% of Petrosea shares during second offering.
Petrosea re-floating shares into the market after the stock split is intended to unlock the hidden value of Petrosea, especially on PT Santan Batubara.
An executive familiar with this information revealed that the re-float of Petrosea shares will take place after it completes a stock split in a near time.
“The offering of Petrosea shares will take place in the fourth quarter this year of next year to meet the requirement from Bapepam-LK. Stock split is potentially completed with ratio 1:5,” he said.
In a disclosure to Indonesia Stock Exchange on September 14, 2010, Petrosea said it has planned to hold an extraordinary general meeting of shareholders, which is scheduled to take place on October 21, with 2 agendas: stock split and basic budget change.
At the end of June 2010, Indika Energy controled 99.38 million shares of Peetrosea or 98.55%, while 1.45% belonged to public investor.
However, President Director Indika M. Arsjad Rasjid P.M. declined to comment on it. “It takes longer preparation [for Petrosea secondary offering],” he said yesterday.
He also added that the sale is to meet the requirement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) after the company accomplished a tender offer for Petrose.
Indika requires to refloat Petrosea shares to the market in 2 years after completing tender offer, aiming at adding more public ownership.
“Well, Indika should release at least 18% of Petrosea shares [to fill the requirement of 20% shares in public],” he said.
Arsyad added that Indika could further sell Petrosea shares after the stock split. Regarding the stock split, he disclosed that the ratio had not been stated.

Disclosure: No position at the stock mentioned above.  

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