Elnusa to offer shares to the public in 1998
JAKARTA (JP): PT Elnusa, a subsidiary of state-owned oil company Pertamina, plans to offer about 200 million shares to the public next year to raise Rp 300 billion (US$60 million) in fresh funds.
Group director of the company Aswad Dipo said proceeds from the initial public offering (IPO) would be used to finance the company's expansion plan and to increase the company's production capacity.
Aswad, however, declined to mention details of the IPO plan, including the price of its shares.
"We initially planned to hold the initial public offering in November this year, but the monetary crisis has forced us to postpone it until next year," Antara quoted him as saying after signing a seismic exploration contract with VICO Indonesia yesterday.
The president of PT Elnusa Geosains -- a subsidiary of Elnusa -- Loektammadji, said yesterday the company had received an order to work on seismic exploration in Nilam and Badak in East Kalimantan with a cost of about $34.12 million.
PT Elnusa's main business is in telecommunications services.
It is a joint venture between Pertamina and PT Tridaya Esta, a minority shareholder in the company currently owned by businessman Bambang Trihatmodjo, the second son of President Soeharto, and Indra Bambang Utoyo.
The company has five main business divisions: oil and gas exploration and production, information and telecommunications, oil refining, oil-product retailing and infrastructure development.
The company said it expected to post a net profit Rp 23.6 billion in 1997.
Early this month, the company had secured loans worth Rp 69 billion from Bank Bukopin to finance the maintenance of refineries owned by Pertamina.
Elnusa recently received orders from Pertamina to maintain the state-owned company's refineries in Balikpapan, East Kalimantan; Dumai, Riau and Sorong, Irian Jaya.
Aswad said the company expected to receive an annual revenue of Rp 170 billion from the maintenance of the refineries.
Currently the company is negotiating with Pertamina to maintain other Pertamina refineries in Pangkalan Berandan, North Sumatra; Sei Pakning, Riau; Musi, South Sumatra; Balongan, West Java; and Cilacap and Cepu, Central Java. (aly)