EMP extends book building

JAKARTA: Oil and gas company PT Energi Mega Persada (EMP) has extended the book building deadline due to growing interest in its planned initial public offering (IPO) in May.

EMP Commissioner Nazamudin Latief said in a press release on Thursday that the deadline for book building had been extended to April 26 from the initial April 15 deadline.

Nazamudin said according to reports from the company's underwriter PT Danatama Makmur, prospective investors had asked for an extension because the original deadline did not provide sufficient time to carry out a due diligence.

Indonesia's second largest privately owned energy company plans to sell 2.85 billion shares, or 30 percent, to the public in May. The shares, with a nominal value of Rp 100, will be offered at between Rp 120 to Rp 180 per share.

Funds from the IPO will be channeled toward investment in the firm's Malacca Strait block and its Brantas block in East Java.

EMP is the parent company of Panama-based Kondur S.A., which operates the Malacca Strait block, and Lapindo Brantas, which manages the Brantas block. -- JP