Adaro selects underwriters for share offering
Thursday, April 3 2008 - 01:49 AM WIB
The company's President Director Boy Garibaldi Thohir said in Jakarta Wednesday that four local securities companies including PT Danareksa Sekuritas, PT Bahana Sekuritas, PT Trimegah Sekurities and PT Danatama Makmur had applied to become the underwriters.
He said that one of the four would be named later this month to team up with foreign securities companies which had been appointed to underwrite the share offering.
According to him, a number of foreign companies had joined the tender to become the underwriters, but only three of them including Morgan Stanley, PT DBS Vickers and UBG AG Securities had been appointed to co-underwrite Adaro's shares offering.
Boy said that the company expected to raise about Rp4.6 trillion (about US$500 million) from the sale of the company's 20 percent shares later this year.
As part of the share offering, the company would go to Singapore, Hong Kong and London in July for roadshows to promote the shares to foreign investors.
Adaro would use the funds generated from the IPO to expand the business of its subsidiaries and acquire coal mining firms in Kalimantan, he said, adding the firm was eyeing four coal mining firms.
"We shall choose companies that have coal reserves of at least 50 million tons," he said.
Adaro aims to produce 38 million tons of coal this year, higher than 2007 production of 36 million tons. (*)