Bayan Group to raise funds through IPO

Coal mining company PT Bayan Group plans to list its shares on the Jakarta Stock Exchange next year to raise funds for business expansion, Kontan Daily reported on Friday.

President Commissioner of PT Bayan Group Michael Sumarijanto said in Jakarta on Thursday that the company was exploring alternative sources of funds to finance business expansion.

Bayan may sell 40 percent shares during the initial public offering (IPO), he said.

?To finance the business development, Bayan is still considering getting fresh funds from strategic alliance or IPO,? Michael said.

The company belonging to Malaysian businessman Dato Low Tuck Kwong has six mining business units, three of which are coal miners in East Kalimantan, including PT Gunung Bayan Pratamacoal which has planned to produce six million tons in this year. (*)