Pelita Sejahtera Argues IDX to Resume Trading in Its Shares

Indonesia Finance

Thursday, 07 October 2010 18:01

Theindonesiatoday.com - Service company PT Pelita Sejahtera Abadi Tbk (PSAB) is arguing the Indonesia Stock Exchange (IDX) to resume trading in its shares after being suspended since March 10, 2010.

IDX had required Pelita Sejahtera to increase number of its public shareholders and its timetable as a consideration for resuming trading in its stocks.

Rakiyo Wibowo, PSAB's president director, said in a disclosure to IDX today that the company's acquisition plan and the rights issue as an option for raising funds for the acquisition would attract the public investors' buying interest.

The company had in August 2010 stated that it was finalizing the acquisition of two coal mines located in East Kalimantan as part of company's initiative to enter new business.

Rakiyo said a coal mine located in Pasir Regency has reserve of 1.9 billion tons while a coal mine in Kutai Kartanegara has reserve of 112.5 million tons.

He said the company targets to complete the acquisition in the second week of March, 2011, alongwith the increase of the company's shareholders could be noticed.

"If the acquisition and rights issue failed to boost the number of shareholders, the main shareholder has committed to launch the public offering of its shares within two months after the complation of the acquisition," Rakiyo said.

The company is also planning to enter property and hotel services business by acquiring land worth Rp118 billion located in Bali. It is now engaging in general trading, telecommunications, catering services, housing and transportation. (hans@theindonesiatoday.com)

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