Relisting Mitra Energi Persada on the Indonesia Stock Exchange
After having delisted its shares from the Indonesia Stock Exchange (IDX) in 2007, Mitra Energi Persada relisted 212 billion shares (approximately 11.6 percent of the company’s equity) on the IDX on Monday (04/05). The relisting was a success. Shares of the company, traded under the ticker KOPI, rose almost 50 percent to IDR 590. Mitra Energi Persada was originally established as an e-commerce company but later shifted its business to the energy sector. The company is a trader of natural gas, coal and oil.
Ivo Wongkaren, President Director at Mitra Energi Persada, said that there are several reasons why the company wanted to relist on the IDX. The company is eager to fulfill its responsibility towards stakeholders as a public company, accommodate the interests of public shareholders in terms of the company’s share trading liquidity, and realize its business development plans (develop the country’s natural gas industry including green energy and renewable energy) by raising capital from domestic and foreign investors through the relisting.
Wongkaren added that the company will focus on expanding its customer base in South Sumatra as industry in this region is in need of energy, particularly gas. Mitra Energi Persada expects to add more South Sumatran rubber manufacturers to its customer base over the next five years. South Sumatra is one of the key Indonesian regions in terms of rubber production.
In 2014, Mitra Energi Persada posted a 26.2 percent (y/y) rise in sales to IDR 146.8 billion. Meanwhile, comprehensive income rose a whopping 314 percent (y/y) to IDR 15.1 billion (USD $1.1 million).
Stock Quote Mitra Energi Persada - KOPI: