Adaro Energy's IPO gets approval from Bapepam

The Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) have issued an effective statement regarding PT Adaro Energy Tbk plan to launch an initial public offering (IPO) of its 34.83 percent shares after two-week delay from the original schedule, Bisnis Indonesia reported Saturday.

Vicky Ganda Saputra, Vice President of Investment Bank PT Danatama Makmur, underwriter of the IPO, confirmed in Jakarta Friday the effective statement issued by Bapepam-LK, saying that the IPO process had met the terms and regulation on the capital market.

The stock of Adaro Energy was scheduled to be listed on the Indonesian Stock Exchange on July 16, 2008, he said.

Adaro Energy will sell 11.14 billion shares or 34.83 percent of the total shares, with nominal value of Rp100. The share prices is set at Rp1,100 per share. Adaro Energy is expected to raise Rp12.25 trillion through the IPO.

Adaro Energy is a holding company, which owns South-Kalimantan coal miner PT Adaro Indonesia, coal terminal operator PT Indonesia Bulk Terminal, coal mining contractor PT Saptaindra Sejati and power plant operator PT Makmur Sejahtera Wisesa. (*)