May 26, 2011

Indika to re-float Petrosea in 3 months

Energy integrated company PT Indika Energy Tbk (INDY) will re-float 20%-30% stake in PT Petrosea Tbk (PTRO) within 2-3 months this year, fulfilling an obligation to top up outstanding shares in the market after Indika completed majority acquisition.
Indika Vice President Wishnu Wardana said pre-shares placement, Petrosea will hold a 1:10 stock split. The company will use the proceed from the shares placement to underpin business expansion such as coal mining take over. Indika has mandated Citi and Macquarie Securities  as the arrangers of the shares placement.
In shareholders' meeting yesterday, Petrosea was approved to distribute a final dividend of Rp1,195.50 per share or a total of Rp14.08 billion, showing 33.33% payout ratio from last year net profit.
Petrosea shareholders also approved the stock split and appointyed Prabono Moelyo as commissioner of the company.
Disclosure: No position at the stock mentioned above.

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