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Super Energy aims to boost gas output, goes public
Gas company PT Super Energy went public on Friday and officially listed its shares on the Indonesia Stock Exchange (IDX) becoming the 39th company to be listed this year
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span>Gas company PT Super Energy went public on Friday and officially listed its shares on the Indonesia Stock Exchange (IDX) becoming the 39th company to be listed this year.
The company is listed on the bourse with the ticker code SURE.
Through its initial public offering (IPO), the company generated Rp 37.2 billion (US$2.5 million) from the sale of 240 million shares at Rp 155 each, accounting for 16.03 percent ownership of the company.
After the IPO, parent company PT Super Capital Indonesia owns 64.06 percent of Super Energy while PT Supertrada Indonesia and Asian Global Energy Pte Ltd (AGE) of Singapore own 0.04 and 19.87 percent,
respectively.
On Friday, Super Energy’s share price shot up by 69.03 percent to Rp 262.
Super Energy president director Agustus Sani Nugroho said the price jump was driven by the four-time oversubscription of the shares during the IPO period.
“We are optimistic about growth because the [oil and gas] industry is doing quite well. We see the price of oil today is still strong, and the oil and gas industry has grown significantly this year,” Agustus told The Jakarta Post.
In a statement, the company said it sought to use the IPO funds as working capital.
Super Energy, along with its subsidiaries PT Gasuma Federal Indonesia and PT Bahtera Abadi Gas, currently purchases natural gas from state-owned oil and gas holding company Pertamina to process into a variety of products such as compressed natural gas, liquefied petroleum gas and condensate for industrial purposes.
Its main consumers are companies operating in the food and beverage, textile and chemical industries.
The company has targeted to boost production and has considered taking over some gas fields to meet its output target in the long run.
Super Energy’s investor prospectus shows the company currently owes Rp 329.8 billion, worth 57.3 percent of its total assets, to Singaporean-Japanese joint venture United Orient Capital Pte. Ltd. (UOC).
It used the loan for working capital and for the take over of newly acquired subsidiary gas and power plant construction firm Gasuma Federal Indonesia.
William Hartanto, a technical analyst at PT Panin Sekuritas, said Super Energy’s optimism was justified because the entire mining sector had been growing alongside rising oil prices.
Each barrel of benchmark oils Brent and West Texas Intermediate cost $84.97 and $74.74 respectively on Friday, higher than $67.62 and $61.44 on Jan. 5. (nor)
