Jan 10, 2012

Indika whispers Petrosea placement

An energy integrated company PT Indika Energy Tbk (INDY) yesterday has whispered its intention to refloat a minimum 16.6% stake in coal contractor PT Petrosea Tbk (PTRO) to several local and foreign fund managers.
To place the shares, two sources familiar with the matter, said Indika has mandated two foreign international arrangers Citi and Macquarie Capital Securities Indonesia and a local arranger Mandiri Sekuritas.
"Roadshow is scheduled starting on January 10 to January 17 to Singapore, Kuala Lumpur, Hong Kong, and London," the sources said.
Wishnu Wardhana, Indika Director, is unable to be contacted for further comment. Indika, which is controlled by Indonesian businessmen Agus Lasmono and Wiwoho Basuki Tjokronegoro, has obtained an approval to extend the refloat of Petrosea shares to the end of January 2012 from late August 2011.
Regarding to the approval letter, Indika is able to re-sell a minimum 16.6% or 16.74 million shares in Petrosea to the market. Referring to Petrosea closing level yesterday, Indika may seal Rp555.77 billion cash from the shares placement.
Petrosea is a company that 86.71% of its revenue contributed by coal business. Two affiliates PT Santan Batubara and PT Kideco Jaya Agung contributed US$58.14 million revenue by end of September 2011, while PT Gunung Bayan Pratama Coal and PT Adimitra Baratama Nusantara contributed US$104.44 million revenue to Petrosea.  

Disclosure: No position at the stock mentioned above.

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