Banpu?s unit seeks to raise up to $370 million from IPO
Tuesday, November 20 2007 - 03:44 AM WIB
PT Indo Tambangraya Megah, the Indonesian unit of Thai energy firm Banpu Plc, is seeking to raise between US$270 million and $370 million from the sale of its shares on the Jakarta Stock Exchange.
The firm plans an initial public offering (IPO) on Dec. 17 this year with UBS Securities as underwriter.
?The indicative price for the share is between Rp 11,000 and Rp 15,000,? company president Somyot Ruchirawat said on Tuesday.
The company will use proceeds from the IPO to finance business expansion, including for the development of new mines, the construction of power plants and the expansion of its Bontang coal terminal.
The company operates six mines in South Kalimantan and East Kalimantan with a combined output of around 20 million tons this year. (Alex)