Bukim Asam gears up for IPO
Saturday, June 17 2000 - 04:30 AM WIB
State-owned coal miner PT Tambang Batubara Bukit Asam (TBBA) is ready to offer shares to the public through an initial public offering following a positive credit given by the office of the state minister of investment and state enterprises development.
TBBA management said that the investment minister office gave positive accounts on TBBA based on the company's finance and operation performance as well as its management performance.
It said evaluation on the company's finance and performance was based on business and financial consideration, while on the management performance was based on its ability to integrate the company with the people and increase the company's contribution to the empowerment of the people in its operation area.
The company said the investment minister office gave "AAA" rating or excellent for the company's finance and operation, and "very good" for the company's management performance.
The company said it booked a positive financial position last year. The company's operating income rose 28 percent to Rp 1.83 trillion ($1=Rp 8,500) last year from Rp 1.43 trillion in the previous year.
The company sold 11.74 million tons in 1999, up from 10.58 million tons in 1998.
Its total assets also improved by 6 percent to Rp 1.73 trillion in 1999 from Rp 1.63 trillion in 1998. (*)