GRL to be listed on Jakarta Stock Exchange<\/p>\n
JAKARTA (JP): Gulf Indonesia Resources Limited (GRL) plans to
\nlist its shares on the Jakarta Stock Exchange (JSX) in April
\nfollowing its recent listing on the New York Stock Exchange.<\/p>\n
State-owned Bahana Securities equities market head, Bruce
\nRolph, said yesterday the oil and natural gas company had
\nreceived the go-ahead from the Capital Market Supervisory Agency
\n(Bapepam) for the listing.<\/p>\n
\"The company will be listed on the Jakarta Stock Exchange in
\nApril next year through the Indonesian Depository Receipts
\n(IDR),\" Rolph said on the sidelines of an Indonesian resources
\nand energy seminar held by Bahana Securities here yesterday.<\/p>\n
Rolph expected more Indonesian mining and mining-related
\ncompanies to float their shares on local stock exchanges.<\/p>\n
\"We understand that public knowledge about the mining industry
\nis still small but the potential is big here in Indonesia,\" he
\ntold The Jakarta Post yesterday.<\/p>\n
According to a research report from Bahana Securities, GRL,
\nwhich recorded a net profit of US$9.3 million in 1996, expected
\nto post a total net profit of $13 million this year and $12.8
\nmillion in 1998.<\/p>\n
GRL, a wholly-owned subsidiary of Gulf Canada Resources
\nLimited, has operations in several parts of Indonesia.<\/p>\n
Bahana said GRL planned to spend $500 million in the second
\nhalf of 1997 and 1998, of which around $260 million would be
\nfinanced from nonrecourse project financing.<\/p>\n
Existing gas reserves and contracts for the GRL-operated
\nCorridor Block in Sumatra were expected to ensure a compound
\naverage growth rate of 64 percent in earnings over the next five
\nyears at a constant oil price of $19 per barrel.<\/p>\n
The company's large strategic acreage in Sumatra should
\nprovide additional gas reserves with ready markets in Java, Batam
\nand Singapore to drive the company's future growth along with a
\nwide range of other exploration prospects, the report said.<\/p>\n
GRL is one of the world's largest independent producers of oil
\nand natural gas. The company has operations in Canada, Indonesia,
\nthe United Kingdom, the Netherlands and Australia. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/grl-to-be-listed-on-jakarta-stock-exchange-1447893297",
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