Petrosea stock split with 1:10 maximum ratio

BI/bursa

5/10/2010

Irvin Avriano A.

Bisnis Indonesia

Petrosea stock split with 1:10 maximum ratio

JAKARTA: PT Petrosea Tbk, one of a mining contractor stock emitters, intends to split it stock nominal as much as 1:10 maximum ratio.

In an information disclosure to Indonesian Stock Exchange (IDX/PT Bursa Efek Indonesia) today, Petrosea President Director Richard Bruce Ness explained that the emitters were trying to ask for it shareholders approval for the corporate action plan.

The company will held an extraordinary general of shareholder meeting (rapat umum pemegang saham luar biasa/RUPSLB) to seek the approval.

Besides the stock split, the company will also suggest to re-arrange their management and supervisory team, and also to revise the company's charter.

PT Indika Energy Tbk, the parent company of Petrosea, rumored had appointed Macquarie Securities and Citigroup as joint bookrunner to sell at least 18% of Petrosea shares during a secondary offering that they have planned earlier.

The secondary offering will be held in last quarter of the year, after the stock split is completed.

At the end of June 2010, Indika controled 99.38 million shares of Petrosea or 98.55%, while 1.45% belongs to public investor.

Today, Petrosea stock that coded PTRO closed stagnant at IDR28,000 level, formed IDR2.82 trillion market capitalization for the company.

While Indika shares that coded INDY weakened 0,74% or IDR25 to IDR3,350 level and accumulate IDR17,44 trio for the shares market capitalization.