Aug 26, 2011

Indika seals extension to re-float Petrosea

Energy integrated company PT Indika Energy Tbk (INDY), that is controlled by Indonesian businessmen Agus Lasmono and Wiwoho Basuki Tjokronegoro, has obtained approval to extend the re-float requirement of PT Petrosea Tbk (PTRO) by the end of January 2012.
In an official statement submitted to Indonesia Stock Exchange today, Indika said it had to meet requirement of the regulation regarding to re-float of a minimum 16.6% stake or 16.74 million shares in Petrosea at the latest date of August 28 2011.
Indika has to comply the regulation after it completed the majority acquisition of Petrosea which was followed by tender offer last year.
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.  
"We have secured an approval from Bapepam-LK on August 25 to extend the re-float from August 28 2011 to the end of January 2012. We are considering the negative sentiments in the global markets," said Indika Corporate Secretary Dedy Happy Hardi today.
Indika, company that owns 46% shareholding in coal miner PT Kideco Jaya Agung, reported a 25.14% increase in net profit for the first 6 months of this year because higher profit contribution from associated companies.
Indika booked Rp584.59 billion net profit 1H 2011 from Rp467.16 billion in 1H 2010. Profit from associated companies rose 32.62% to Rp956.49 billion from Rp721.23 billion.
Gross profit increased to Rp361.83 billion from Rp353.33 billion. Indika's consolidated revenue rose climbed 12.43% to Rp1.99 trillion from Rp1.77 trillion. The biggest contributor remained contract and services business with Rp1.83 trillion and the remaining of Rp159.42 billion came from coal mining business. 

Disclosure: No position at the stock mentioned above.

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