Adaro?s parent company delays IPO plan
Monday, May 24 2004 - 03:10 AM WIB
PT Dianlia Setyamukti, the parent company of South Kalimantan-based coal miner PT Adaro Indonesia, has delayed its plan to launch an initial public offering (IPO) in June due to the current uncertainty in the stock market, Bisnis Indonesia reported on Monday.
?The IPO will, instead, be launched in the third quarter of this year,? Dianlia?s investors relations manager was quoted by the newspaper as saying.
Dianlia owns 51 percent of Adaro with Australian miner New Hope Corporation holding another 40.8 percent and MEC Indo Coal the remaining 8.2 percent.
Adaro, one of the country?s major coal mines, produced about 22.5 million tons of coal in 2003. The company expects to be able to produce about 23 million tons this year. (*)