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Sunday, October 24, 2010

Capitalinc delay its stock split plan


Irvin Avriano A.

Capitalinc delay its stock split plan

JAKARTA: PT Capitalinc Investment Tbk postpone its plans to stock split because the condition of the company's stock trading in the capital market is in high volatility.

"The company decided to delay the execution of the stock split until further notice," said Capitalinc President Director Ong Seng Hoo on company's disclosure to the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) in Thursday.

He said the plans stock split was a supporter of further corporate action after the acquisition of five oil and gas blocks last month. The five newly acquired company are PT Kutai Etam Petroleum, PT Kencana Surya Perkasa, PT Mosesa Petroleum, PT Cahaya Batu Raja Giok, and Greenstar Assets Ltd.

The statement was in line with previous statements the company's director, Budi Prihantoro, after the EGM held on last month which stated the company is reviewing the action of a rights issue at IDR1 trillion early next year.

Acquisitions of oil and gas blocks valued at IDR120 billion funded by issuance of promissory notes (PN).

The company is also reviewing its business to focus on oil and gas sector, from the previous only in financing. In the EGM last month, the company also received approval to add lines of business to oil and gas sector.

Capitalinc is an investment company that controlled by Recapital Advisors Group, included Sandiaga Uno and Rosan Perkasa.

Their stock price that coded MTFN still suspended by the stock market authority at IDR3,175 level.



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