GRL to be listed on Jakarta Stock Exchange
GRL to be listed on Jakarta Stock Exchange
JAKARTA (JP): Gulf Indonesia Resources Limited (GRL) plans to
list its shares on the Jakarta Stock Exchange (JSX) in April
following its recent listing on the New York Stock Exchange.
State-owned Bahana Securities equities market head, Bruce
Rolph, said yesterday the oil and natural gas company had
received the go-ahead from the Capital Market Supervisory Agency
(Bapepam) for the listing.
"The company will be listed on the Jakarta Stock Exchange in
April next year through the Indonesian Depository Receipts
(IDR)," Rolph said on the sidelines of an Indonesian resources
and energy seminar held by Bahana Securities here yesterday.
Rolph expected more Indonesian mining and mining-related
companies to float their shares on local stock exchanges.
"We understand that public knowledge about the mining industry
is still small but the potential is big here in Indonesia," he
told The Jakarta Post yesterday.
According to a research report from Bahana Securities, GRL,
which recorded a net profit of US$9.3 million in 1996, expected
to post a total net profit of $13 million this year and $12.8
million in 1998.
GRL, a wholly-owned subsidiary of Gulf Canada Resources
Limited, has operations in several parts of Indonesia.
Bahana said GRL planned to spend $500 million in the second
half of 1997 and 1998, of which around $260 million would be
financed from nonrecourse project financing.
Existing gas reserves and contracts for the GRL-operated
Corridor Block in Sumatra were expected to ensure a compound
average growth rate of 64 percent in earnings over the next five
years at a constant oil price of $19 per barrel.
The company's large strategic acreage in Sumatra should
provide additional gas reserves with ready markets in Java, Batam
and Singapore to drive the company's future growth along with a
wide range of other exploration prospects, the report said.
GRL is one of the world's largest independent producers of oil
and natural gas. The company has operations in Canada, Indonesia,
the United Kingdom, the Netherlands and Australia. (aly)