Energi Mega Persada (ENRG), an oil and gas company owned by Bakrie Group, has announced its plan to launch buyback and private placement program. The company has appointed Danatama Makmur to carry out the buyback plan. In addition, the company plans to launch a private offering of 4.2 million shares, representing 40.65% of its enlarged capital. The price of shares will be set at Rp104 per share that will allow the company to raise Rp437.19 billion. The private placement is a move by Energi Mega to convert its debts into equity. The private offering will be absorbed by Greenwhich International Ltd, Stallon Investment Pte Ltd, Ultrapro Ltd, PT Wira Cipta Perkasa and PT Prime Petroservices.