Bakrie’s ENRG Issues New Shares to ‘Creditors’, Others Diluted 39%

Shares of Energi Mega Persada (ENRG), an oil and gas company controlled by Bakrie Family, have crashed 86.3% from its recent peak to make market capitalization of Rp552 billion only or 0.4 x equity. On Wednesday, the Company kicked off the offering of 3.94 billion new shares or about 39.11% of its enlarged issued and paid-up capital at Rp104 per share.To subscribe please click here