- ENRG acquires ownership in Sengkang Gas Assets
Energi Mega Persada (ENRG) through its subsidiary, EMP Energi Jaya (EEJ) has signed a Sale and Purchase Agreement to acquire the Sengkang Cooperation Contract (KKS). The agreement, which was signed on 10 Oct 24, was carried out by EEJ with Energy World Corporation (EWC) and Ventures Holdings (VH). The PJB is related to EWC and VH’s share ownership in Energy Equity Holdings (EEH) and Epic Sulawesi Gas (ESG). EEH and ESG own a 100% stake in Energy Equity Epic Sengkang (EEES), which has a 51% participating interest in the Sengkang KKS. Meanwhile, another ENRG subsidiary, Energi Maju Abadi (EMA) already has 49% interest participation in the Sengkang KKS. After the transaction, Sengkang KKS will be fully consolidated into ENRG. The sale and purchase transaction is targeted to be carried out on 31 Oct 24. Currently, Sengkang KKS has a contract with PLN as the main buyer with a production capacity of around 50M cubic feet of gas per day. This gas block, located in South Sulawesi, also operates around 380B cubic feet of proven and measured gas reserves (2P reserves). (Kontan) - MFIN wants to distribute IDR 117.5B bonus shares
Mandala Multifinance (MFIN) held an EGMS on 14 Oct 24 to ask for investor approval regarding the plan to increase issued and paid-up capital through the distribution of bonus shares as well as changes to the provisions of the articles of association. As a financing institution, MFIN is currently focusing on increasing its paid-in capital to at least IDR 250B, in line with POJK No 47/2020. MFIN management believes that the distribution of bonus shares originating from the capitalization of retained earnings can be a way to fulfill these provisions. Currently, the total shares to be distributed are equivalent to IDR 117.5B, with a ratio of 1:1 and a nominal value of IDR 50 per share. The cum dividend date for bonus shares is 22 Oct 24, while distribution will take place on 16 Nov 24. (IDX Channel)