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PT Surya Esa Perkasa Tbk. reports successful subscription to its Capital Increase without Pre-emptive Rights

Jakarta, 30 April 2013 – PT Surya Esa Perkasa Tbk. (the “Company”), Indonesia’s only listed LPG Refiner, is pleased to announce that it has entered into an Advance Subscription Agreement (“ASA”) with Tribeca Wealth Incorporated (“Tribeca”) in relation to its Capital Increase without Pre-Emptive Rights (“CIWPR”). The Company has received Shareholders approval from the Extraordinary General Meeting of Shareholders held on December 20, 2012 for issuing new shares of up to 10% of the issued and paid up capital in the Company.

Under the terms of the ASA, Tribeca will subscribe to 100,000,000 new shares in the Company at a price of Rp. 3,000 per share for a total amount of Rp. 300 billion (roughly USD 30.9 million). The subscription shall be executed within 2 (two) weeks subject to fulfillment of reporting obligations and approvals from the relevant authorities.

As part of the growth strategy set in place by the Company, in particular the development of its 59.98% subsidiary PT Panca Amara Utama (“PAU”), the proceeds raised by the Company shall be utilized to fund the Company’s equity in PAU. With the successful completion of the CIWPR, the Company has secured 80% of its estimated USD 131.3 million equity requirement for PAU. The Company plans to fund the remaining 20% through internal accruals.

PAU is a project to produce 660,000 MT of Ammonia a year in Banggai, Central Sulawesi. In October 2012, PAU signed a Mandate Letter with the International Finance Corporation (“IFC”) for debt syndication and 10% equity participation in PAU. Under the Mandate Letter, the IFC has proposed to arrange USD 500 million debt financing towards PAU’s estimated USD 750 million project cost. Under the terms of the Mandate Letter, IFC will consider providing up to USD 100 million under its own loan account, mobilize USD 400 million from parallel lenders on a syndicated basis, and provide equity of up to USD 25 million (10%). PAU is now in advanced discussions with IFC, and expects financial closure by July 2013.

In January 2013, PAU signed a gas supply Heads of Agreement (“HOA”) with Joint Operating Body Pertamina Medco Tomori Sulawesi (“JOBPMTS”) for gas supply of 55 MMSCFD from its Senoro field up until December 2027.

PAU awarded a turnkey EPC Contract to Toyo Engineering Corporation, Japan (“Toyo”) and PT Inti Karya Persada Tehnik (“IKPT”) in February 2013. Land clearing and leveling has commenced on site. The Company expects commercial operations to commence in the third quarter of 2015.

For further information please contact:
Kanishk Laroya
Corporate Secretary & Head of Investor Relations
Tel: +62 21 5790 3701
Fax: +62 21 5790 3702