Oct 21, 2010

EGM approves Petrosea stock split

Extraordinary of shareholder general meeting (EGM) today has finally approved a maximum ratio of 1:10 stock split of publicly listed coal mining contractor PT Petrosea Tbk (PTRO).
In a public announcement to Indonesia Stock Exchange (IDX) recently, Petrosea President Director Richard Bruce Ness said the company aims to seek approval from shareholders during EGM.
A source familiar with the matter said PT Indika Energy Tbk, the parent company of coal mining company Petrosea, has appointed Macquarie Securities and Citi as joint book runner to sell at least 18% of Petrosea shares during second offering.
The source said 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,” the source said.
At the end of June 2010, Indika Energy controlled 99.38 million shares of Petrosea or 98.55%, while 1.45% belonged to public investor.

Disclosure: No position at the stock mentioned above. 
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