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ENRG to sell shares to fund acquisition
Publicly listed oil and gas company PT Energi Mega Persada (ENRG) is planning to offload new shares to the public in an attempt to raise funds to finance acquisitions in the companyâs upcoming rights issue
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ublicly listed oil and gas company PT Energi Mega Persada (ENRG) is planning to offload new shares to the public in an attempt to raise funds to finance acquisitions in the company's upcoming rights issue.
In a notification to the Indonesian Stock Exchange (IDX), the company said it would hold an extraordinary general shareholders meeting next month to seek approval for the company to perform a preemptive rights issuance.
The meeting is scheduled for Aug. 29. ENRG, the oil and gas arm of the politically wired Bakrie family, has not disclosed how much the shares would be offered.
'Funds from the planned preemptive rights issuance will be used to acquire oil and gas block[s] already in production,' ENRG head of investor relations Herwin Hidayat said in a text message.
He declined to reveal how many shares the company would offload in the offering and only said that a further announcement would be made in due course.
ENRG recently sold 10 percent of its shares in a non-preemptive rights issue and obtained Rp 405 billion (US$39.2 million), which will be used for business expansion and as working capital.
