JAKARTA: Reignwood International Investment (Group) Company Limited has pledged 2.77 billion shares or 6.83% of its equity to The Siam Commercial Bank Public Company Limited, Hong Kong.Reignwood entered into the pledge of shares agreement with Siam Bank on May 19 2011, said a disclosure submitted to Indonesia Stock Exchange last last week.However, there is no clear information about the purpose of the pledge.Assuming the current price at IDR186 a share, the shares are pledged at IDR515.22 billion. Energi Mega's market capitalization today is IDR7.55 trillion.Who is behind Reignwood Investment?Via Google search, there is Reignwood International Resources Investment (Group) Co Ltd (RIR).However, RIR is investigating projects in the gold, coal and bauxite sector. RIR areas of activity are SE-Asia with a special focus on Thailand, Kalimantan and Papua. "Our specialists identify potentially undervalued resources producers, evaluate the resources and then draft a plan for the expansion of production," said RIR on its website.There is no information that RIR is seeking an opportunity in the oil and gas sector.At end of last year, PT Kondur Indonesia controled 9.30% stake in Energi Mega, PT Bakrie & Brothers Tbk (BNBR) held 8.77% stake, PT Ciptadana Securities held 8.55% stake, Mellon Bank NA/SA AGF Cundill held 6.78%, PT Brantas Indonesia owned 6.66%, Rennier Abdul Rachman Latief owned 0.96%, and public holders owned 58.98%.Two existing shareholders in Energi Mega which have managed similar size of ownership with the shares pledged to Siam Commercial Bank are Mellon Bank NA/SA AGF Cundill and Brantas Indonesia. (wiw)

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