Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Amstelco plans up to $500 mln rights issue

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STOCKS NEWS INDONESIA-Amstelco plans up to $500 mln rights issue Sep 6th 2012, 04:47 Thu Sep 6, 2012 12:47am EDT Indonesian energy firm Amstelco Indonesia is planning a rights issue of up to $500 million by the first quarter of 2013, it said in a statement to the Jakarta stock exchange on Wednesday. The company said it plans to use the proceedings for asset acquisition, project financing and working capital in the oil and gas industry. Trading in shares of Amstelco Indonesia has been suspended since January 2011 after the company revealed its plans for listing of small-sized multi-finance company PT Indo Citra Finance, in an effective backdoor listing, and is said have to raised 3.6 trillion rupiah in a rights issue by selling 1.44 billion new shares to buy energy firms Amstelco Plc and PT Amstelco Energy Resources. The stock was last traded at 3,150 rupiah on Jan. 20, 2011 before trading was halted.

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