Oct 5, 2010

Petrosea reveals stock split ratio

Publicly listed coal mining contractor PT Petrosea Tbk (PTRO) today announces a proposed stock split with a maximum ratio of 1:10.
In a public announcement to Indonesia Stock Exchange (IDX) today, Petrosea President Director Richard Bruce Ness said the company aims to seek approval from shareholders during extraordinary general meeting.
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 bookrunner 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,” he told Bisnis today.
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.

Disclosure: No position at the stock mentioned above.

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