Jun 29, 2011

Reignwood pledges 16.21% ENRG

Thai-based conglomerate Reignwood International Investment (Group) Company Limited, which is founded in 1984 by Thai-Chinese businessman Chanchai Ruayrungruang, has continued to pledge shares of oil and gas company PT Energi Mega Persada Tbk (ENRG).
After it pledged 6.39 billion shares or nearly 16% of total equity of ENRG to The Siam Commercial Bank Public Company Limited, Reignwood again has continued to pledge 65 million shares of ENRG, oil and gas producer that is controlled by Bakrie Group.
Referring to the latest official announcement from Reignwood that was forwarded by Energi Mega to Indonesia Stock Exchange, Reignwood in total has pledged 6.54 billion shares of Energi Mega, representing 16.12% of ENRG's total outstanding shares.
Assuming the pledge was done at Tuesday's closing price at Rp200, Reignwood has pledged Rp1.31 trillion of ENRG shares. 
However, there is no clarity from Reignwood about the pledge purpose. Reignwood manages four business sectors such as consumer goods, modern services industry, sport, art, and culture, investment and financial services. Red Bull Vitamin Drink Company Limited in China is one of companies owned by Reignwood Group.

Disclosure: No position at the stock mentioned above.

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