JAKARTA (Yosefardi) – Oil and gas producer PT Energi Mega Persada Tbk (ENRG), controlled by Bakrie Group, had revised down its rights issue price to Rp120 per unit, from initial 140.
The company will issue 20.98 billion new shares, representing 31.97% of its enlarged capital. At Rp120, the company would raise total proceeds of Rp2.52 trillion.
PT Madani Capital Investment will act as standby buyer. Some 81% of proceeds will be used to fund the acquisition of 49% stake in EMP International (BVI) Ltd, through ENRG’s unit, Owen Holdings Limited. The rest proceeds will be used for working capital.
The company will hold extraordinary general meeting (EGM) of shareholders in September 3, 2013 for gaining approval on the plan. Trading of rights is scheduled for September 17-23, 2013.