Baradinamika plans IPO

Coal miner PT Baradinamika Muda Sukses plans to launch an initial public offering (IPO) this year, selling 10-15 percent shares, Kontan daily reported on Saturday quoting a source.

The source did not disclose the targeted proceeds, nor the exact timeline of the IPO. But the source said that Japan?s Idemitsu Oil and Gas Co Ltd will buy shares in Baradinamika as the Japanese firm wants to use coal as source of energy, replacing nuclear.

According to data from the Indonesian Coal Mining Association (APBI), Baradinamika, which is an affiliated of the Baramulti Group, produces coal with calorific value of between 5,900-7,800 kcal/kg from mine in Loreh, Malinau, East Kalimantan. The company is 87.5 percent controlled by PT Baramulti Sugih Sentosa, while remaining shares are held by AT Suharya (10%), Agus Kartasasmita, and Sapari Sutisnawakut, each 0.85 percent.(*)