Petro to sell stake in August

Fri, 07/18/2008 11:17 AM  |  Business

JAKARTA: Integrated oil and gas service provider PT Prime Petroservices plans to sell a 30 percent stake through an initial public offering next month and raise up to Rp 392 billion (US$42.90 million) in proceeds.

President director Faiz Shahab said Thursday the company would sell 1.78 billion new shares at prices ranging from Rp 180 to Rp 220 each.

"We will use 90 percent of the proceeds to help finance our liquefied natural gas project in Bali and to procure some drilling equipment," Faiz said.

The book-building period will run from July 18 to 28, and the company expects to list its shares on the Indonesia Stock Exchange on Aug. 26.

The company plans to build a Rp 3 trillion LNG plant with a total capacity of 300,000 tons per year on Pagerungan Island, north of Bali, in a bid to help state power firm PLN reduce its dependence on oil. -- JP

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