Search This Bitch


Share |

Wednesday, March 2, 2011

Petrosea posted US$40 mio net profit

BI / exchange
Irvin Avriano A.
Bisnis Indonesia

Petrosea posted US$40 mio net profit

JAKARTA: PT Petrosea Tbk net income predicted higher than US$40 million during 2010, or at least increased by 2415% of net profit booked in 2009 amounted to US$1.59 mio.

"The [Petrosea] contribution was increased to more than US$40 million," said Vice President Director of PT Indika Energy Tbk Wishnu Wardhana told the press this afternoon. Indika is a controlling shareholder as well as the majority of Petrosea.

Indika is the owner of 98.55% Petrosea stake, or as many as 99.39 million shares of the company based on 3rd quarter/2010 data. The other shareholders are the public with 1.45% stake with a total 1.46 million shares.

Based on Petrosea financial statements at the end of 2009, the company's net profit only worth IDR17.44 billion or only 2.4% contribution of Indika total net profit of IDR725.67 bio in the same period.

Meanwhile, the portion of Petrosea net profit contribution increased to 41.85% at the end 3rd quarter, amounting to IDR324.63 bio from indika total net profit of IDR775.66 bio.

The large portion of Indika's stake on Petrosea associated with the process of Petrosea 81.95% stake buying in July 2009 from Clough International Singapore Pte Ltd. The process was followed by a tender offer for the remaining public shares that are still 18.05%. Execution of additional portions successfully absorb public stock amounted to 16.6%.

To follow the rules of Bapepam-LK. IX.H.1 about Company Takeover, since September last year the company plans to release back the shares which resulting of the tender offer process that is equal to 18.05% to the public.

It was also associated with a specified maximum time limit for disposal of shares by the Bapepam-LK that stands for 2 years since the acquisition. However, Wishnu said the company has not been able to ensure the implementation of the disposal of shares to the public.

"The plan still use the services from Citi Group and Macquarie Securities. The time has not been established yet. "

Today, Indika also in the process to execute to buy as many as 51% stake in PT Mitrabahtera Segara Sejati Tbk, a cruise company that will listed their shares in the stock market, which still in the initial public offering (IPO) process.

Vice President Mitrabahtera Rico Rustombi said integration company that he led with Indika Group which already had Petrosea will streamline costs Teladan Resources business group which also led Wishnu Wardhana in various sectors, particularly mining.

"Moreover, the mining sector this year and several years later is predicted to prospective in the future," said Rico.



Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory