Asminco Bara Utama will go public

PT Asmindo Indonesia, one of coalmine PT Adaro Indonesia's shareholders, plan to offer shares through the Jakarta Stock Exchange, probably in year 2002 or 2003.

Asmindo president Graeme L. Robertson, said that the company would wait for the return of positive sentiment into local stock market, and also coal international prices to increase by 20 percent from the current level of around $23-$24 per ton.

Asmindo also waits for Adaro to boost its production level to 20 million tons per annum, and at the same time, waits for improvement in political and security situation in the country.

But Robertson did not disclose what the proceeds would be used for.

Asmindo owns 40 percent stake at Adaro. Adaro's other shareholders include New Hope Corporation that controls 50 percent ownership, and Edison Mission Energy with 10 percent.

Besides Adaro, Asmindo also owns 50 percent stake at PT Multi Harapan Utama, a coal contractor company in East Kalimantan.

"As Asmindo has big amount of stake in those two companies, it will be prospective for investors to buy Asmindo's shares," Robertson said on the sidelines of a hearing between Adaro and the House of Representatives' Commission VIII on Wednesday. (*)