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Energi Mega to issue non-preemptive rights to raise capital

JAKARTA (rambuenergy.com) – Oil and gas producer PT Energi Mega Persada Tbk (ENRG.IJ) plans to issue a maximum 10% of shares that have been circulating in the market through non-preemptive rights mechanism aiming at raising fresh capital.

Energi Mega targets to release 4.46 billion maximum shares, or 10% maximum, with an estimated offering price of Rp100 per share. The company was initially planning to set offering price of Rp 83 per share, however, since the required minimum price is Rp 100 per share, then it set the offering price at Rp 100 per share. The company hopes to generate Rp 446.4 billion funds through the offer.

Energi Mega said it plans to use the proceeds of the non-preemptive rights offer to inject capital in subsidiary firms.

As a result of the offer, the share ownership of the current public shareholders will dilute to 58.02 percent from 63.82 percent at present.

The non-pre-emptive rights offer is pending on the approval of the company’s shareholders meeting on June 17, 2015. (*)

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