Thursday, February 11, 2010

Benakat Petroleum kicks off stocks trading

Energy company PT Benakat Petroleum Energy (BIPI) Tbk has kicked off trading of its stocks on Indonesia Stock Exchange (IDX) this morning. This is the third company listed on IDX this year. The stock is listed on IDX development board.
Benakat raised Rp1.61 trillion from the IPO of 11.5 billion shares at Rp140 per share. The stock jumped 40% in the first session of trading this morning to reach Rp196. At that price, Benakat has market cap of Rp5.89 trillion or about US$630 million.
This company reported net loss of Rp8.12 billion in 2008 and Rp32 billion in Jan-Aug 2009. Sales? Rp4.56 billion. Let's see whether the US$630 million cap is justified!
Former IDX CEO Erry Firmansyah joins Benakat as independent commissioner, while Wismoyo Arismunandar (former Army Chief of Staff) is the chairman. Arifin Wiguna is the CEO of this company.




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