BEP likely to cancel IPO plan, seeks partners
Friday, January 22 2010 - 01:12 AM WIB
Jeffrey Mulyono told Petromindo.Com that the company?s plan for initial public offering (IPO) likely not to be realized. ?Until afer we have partners, we will develop the mines by ourselves,? he said.
Many have approached the firm to become partners, but it had yet to find a suitable partner, he said withoug giving futher detail.
He also said BEP will spend around US$15-40 million in capital expenditure (capex) this year to develop its mines, he added.
BEP planned to sell its stock on the local stock market last year but it was delayed due to an ?unfavorable market condition.?
BEP has four subsidiaries, namely Persada Multi Bara (PMB), Bumi Murau Coal (BMC), Telen Eco Coal (TEC) and Pesona Khatulistiwa Nusantara (PKN), which have total low-ranked coal reserves of 5.7 billion tons. PKN is now producing, while the other three are still in pre-production stage.
BEP is controlled by businessman TP Rachmat, who is also a controlling shareholder at IDX-listed coal giant PT. Adaro Energy, and his long-time business partner Benny Subianto. (denny)