In early 2008, the Company held Initial Public Offering (IPO) by listing the Company's shares on the Indonesia Stock Exchange (IDX) with the ELSA stock code, effective starting February 6, 2008.
Prior to the initial public offering of shares, the Company increased its authorized capital from IDR 750 billion to IDR 2.3 trillion, 1: 5 stock split or from IDR 500 per share to IDR 100 per share and an increase in issued and fully paid capital from IDR 583.9 billion to IDR 729.9 billion. Initial public offering of shares carried out as much as 20% of shares from enlarged capital or 1,460,000,000 shares, bringing the total number of shares after the IPO to 2,798,500,000 shares.
The price of the initial public offering of shares is IDR 400 per share so that the value of the funds resulting from the public offering are as follows:
|Number of Public Offering Result||Public Offering Fee||Net Result|
After conducting the Initial Public Offering of shares and referring to item 2 of BAPEPAM XK4 Regulation, the Company has reported the use of funds to Capital Market Supervisory Agency and Financial Institution (BAPEPAM-LK) regularly every three months, starting as of March 31, 2008, and finally as of March 31, 2009. As of March 30, 2009 , the funds resulting from the public offering have been fully realized in general so that there is no change in the realization of the use of funds compared to the planned use of funds in the prospectus. This has also been reported to BAPEPAM-LK and the IDX.
|The Company's Working Capital||Loans for the Development and expansion of Subsidiary Business Activities||Partial Debt Payment||Purchase of Capital Goods||Total Planned Use of Funds||Remaining Funds from Public Offering|
The Company uses IDR 143.9 billion of IPO funds for working capital, which is in accordance with the percentage of planned use (25.0%);
- In the context of loans for the development and expansion of subsidiary business activities, the Company has used IDR 84.9 billion or 15.0% of the IPO funds to:
- Elnusa Bangkanai Energy Ltd in the context of preparation for exploration and exploitation worth IDR 1.5 billion
- EPN for working capital worth IDR 24.0 billion
- SCU for storage expansion, radio trunking investment and operating working capital worth IDR 59.4 billion.
These loan funds have been returned to the Company, which has been used as working capital.
- The company uses 7.0% of the IPO funds or IDR 40.3 billion to repay some of the debt to:
- Sercel Nantes, France worth USD 2,0 million
- PT Hewlett Packard Finance Indonesia worth USD 2,5 million.
- Purchase of capital goods in the form of: seismic survey equipment IDR 37.2 billion, drilling equipment IDR 133.2 billion and oilfield services equipment worth IDR 126.9 billion.