Star Petrochem to inject IDR125 billion to Tunas Karya

JAKARTA: PT Star Petrochem Tbk, an Indonesian-based petrochemical company, plans to inject additional capital of IDR125 billion for PT Tunas Karya and its subsidiary, PT Bintang Perkasa, a document of the company's public expose said.The fund will be derived from 62.5% of total expected proceeds at IDR200 billion it gains at future initial public offering (IPO). It schedules to list its stocks on Indonesia Stock Exchange on July 13. Besides, about 5% of total expected proceeds or IDR10 billion will be allocated to support capitalization of PT Star Asia Indonesia.In the meantime, the initial bookbuilding period of the companys IPO is to be held on June 20-28, 2011, with initial trading period on July 13, 2011. Then, the effective date will be set on June 30, 2011 and the allotment of the initial shares will be on July 8, 2011.The company will release 2 billion new shares or 41.67% of the enlarged capital at IDR102 per piece. (NOM)