Energi Mega Persada secures approval for Rp 3.78t share sale<\/p>\n
Grace Nirang, Bloomberg\/Jakarta<\/p>\n
PT Energi Mega Persada (EMP), Indonesia's second biggest
\npublicly-traded oil and gas producer, said its shareholders
\napproved a plan to raise as much as Rp 3.78 trillion (US$387
\nmillion) by selling new shares to fund expansion.<\/p>\n
EMP plans to raise Rp 3.78 trillion by selling shares to buy
\nPT Tunas Harapan Jaya and develop its oil and gas fields,
\nPresident Director Christopher Newton said in a phone interview
\non Thursday. EMP will buy Tunas Harapan for about $300 million,
\nhe said.<\/p>\n
"We expect to complete the sale sometimes in January," Newton
\nsaid.<\/p>\n
EMP plans to sell 4.9 billion new shares, offering 15 new
\nshares for every 29 stocks held by shareholders, it said in an
\nOct. 27 filing to the stock exchange.<\/p>\n
EMP plans to spend $275 million developing fields in East Java
\nprovince to raise their gas output almost fourfold in three
\nyears, the company said on Nov. 22.<\/p>\n
EMP's shares were unchanged at Rp 740 at 4 p.m. local time
\nclose at the Jakarta Stock Exchange.<\/p>",
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