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Wednesday, March 2, 2011

Amstelco pocketed interest new standby buyers

BI/bursa
1/3/2011
Irvin Avriano A.
Bisnis Indonesia

Amstelco pocketed interest new standby buyers

JAKARTA: PT Amstelco Indonesia Tbk (previously PT Indocitra Finance Tbk) pocketed interest from several new potential future shareholder that intend to absorb new shares in their IDR5.1 trillion rights issue. Previously, the standby buyer only Amco Plc.

"We obtain several interesting institution, either from local or foreign investors," said Robert J.H. Bonnier to the press this beginning of the week.

He said the increasing number of rights issue, from previously IDR3.6 trio, is due to big interest from prospective investors.

Bonnier also said the company which shares coded INCF also intend to change the rights issue price from IDR2,500 to IDR3,000 to upsize its fund target. Nonetheless, he didn't explain the whether there is a change in shares numbers or not.

He only explain the rights issue gathered from rights issue will be used to their working capital, the expansion on Karapan PSC, and to boost its production on several subsidiary. Karapan is an oil and gas block in East Java with 1,500 Km square area, project which obtained by Amstelco Karapan Pte Ltd.

Initially the company plans issuing 1.44 billion new shares, price nominally of IDR500 per share and offered IDR2,500, with total value IDR3.6 trio. A 76.39% stake from the total fund to buy Amstelco Plc 99.65% new shares or as much as 20 billion shares. The fund that allocated to buy the shares is worth IDR2.75 trio.

A 0.0278% portion of the funds, or IDR1 bio, is used to acquire 99.99% stake in PT Amstelco Energy Resources, or 999,999 shares with a par value of IDR1,000 per share. Meanwhile, the remaining of 23.58% or equivalent to IDR848 bio will be used for working capital and for costs of emission.

Bonnier also said the company plans to hold a extraordinary general meeting of shareholders (EGM) again on March 11th, associated with an increased value of the rights issue. The company also predict the rights issue can be realized on March 22nd. The implementation of the rights issue was postponed again from the initial schedule which has also been revised from the end of December and in January.

According to him, the company has obtained the approval of the replacement of directors and commissioners from its shareholders in the EGM that was held on Monday. He said the company obtain shareholder approval of 100% attendance, and the presence of shareholders account for about 80% of the total number of shareholders.

In the EGM, the board of directors and commissioners changed, namely Yayah Diasmoro, Hoemar Putranto, and Dedet Yandrinal, with substitute for Robert Bonnier, Dody Nawangsidi, William P. Rathvon, and Robert Huptje.

Noke Kiroyan, former president director of PT Newmont, was also endorsed as the president commissioner together with the appointment of another commissioner namely Marzuki Darusman, Agus Widjojo, and Didit Hadiatno. Didit is a former president director of PT Bumi Resources Tbk, whose previously planned to be appointed as a new directors of the company.

The company's shares trading is still suspended by Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia/BEI) start in January at IDR3,150 level. But the emitters hope the suspension will be revoke before or at the moment the rights issue executed.

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