EMP extends book building

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