May 4, 2011

Indika Energy sets non-preemptive rights

An integrated energy company PT Indika Energy Tbk (INDY) has unveiled a proposed non-preemptive rights of a maximum 10% of its enlarged capital
The non-preemptive rights has been listed at the agenda of extraordinary of shareholders' meeting scheduled on June 8 2011.  
Indika's outstanding shares are 5.21 billion shares or Rp21.24 trillion market capitalization. The non-preemptive rights is usually intended to seek a cash from the shares sale to certain strategic investors.
Indika, the parent company of coal mining company PT Petrosea Tbk (PTRO), has also 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.
Disclosure: No position at the stock mentioned above.

Print This Article

No comments: