EMP eyes Rp 3.78t from rights offer

EMP eyes Rp 3.78t from rights offer

JAKARTA: PT Energi Mega Persada, Indonesia's second-largest publicly traded oil and gas producer, said it plans to raise Rp 3.78 trillion (US$377 million) selling stock to shareholders and use the proceeds to buy a company and develop its oil and gas fields.

Energi Mega plans to sell 4.9 billion new shares, it said in a filing to the Jakarta Stock Exchange today. The company will offer 15 new shares for every 29 stocks held by shareholders, the filing said.

The Jakarta-based company will use 80 percent of the funds to acquire PT Tunas Harapan Perkasa, while the balance will be used to develop fields -- AP