Asia Mangan to sell 55 percent of its shares to public

PT Asia Mangan Grup, a subsidiary of Asia Minerals Corporation Ltd, plans to sell about 55 percent of the company?s enlarged shares to the public through an initial public offering (IPO) this year, Investor Daily reported on Monday.

The president director of Asia Mangan Grup, Michael Kiernan, said recently that the company would float its shares on the Indonesian Stock Exchange (IDX) immediately after its parent company Asian Minerals completed its listing on the Singapore Stock Exchange.

Asia Mangan expected to raise about US$ 50 million or about Rp 485 billion from the IPO to partly finance the construction of a mangan smelting plant in East Nusa Tenggara (NTT) province, which would cost about $100 million.

He said that about $25 million of the funds for the construction of the smelting plant would be obtained from the proceeds of Asia Mineals? IPO and another $25 million from the company?s own funds.

At present, Asia Mangan, which operates a mangan mine in West Timor, NTT since 2011, is currently finalizing the acquisition of the land to be used for the smelting plant. (*)