Adaro’s parent company to sell 30% shares via IPO

The parent company of South Kalimantan coalminer PT Adaro Indonesia, is planning to float its shares on the Jakarta Stock Exchange (JSX) in June, JSX president Erry Firmansyah was quoted by Bisnis Indonesia daily as saying.

Erry said PT Dianlia Setyamukti, which controls 51 percent of Adaro’s stake, would offer 30 percent shares through an initial public offering IPO).

“JSX has received notification about the company’s intent to float shares,” said Erry.

Adaro is Indonesia’s top coal producer with annual production capacity of 24 million tons per year. Other shareholders of Adaro are Australian New Hope Corp.(40.8 percent) and Edison Mission (8.2 percent).(*)