Central Korporindo floats 1.5 billion shares at JSX

Coal trader PT Central Korporindo Internasional Tbk (CNKO) on Wednesday floated 1.5 billion shares at the Jakarta Stock Exchange with nominal value of Rp 100 per share (US$=10,425).

CNKO launched initial public offering on Nov. 7-9, collecting Rp 84 billion.

The funds derived from the share floating will be used for CNKO?s investment projects and working capital.

The projects include the development of the firm?s processing plants and piers, which are planned to absorb 65 percent of the proceeds of the IPO. They also include the development of CNKO?s mining concessions in South Kalimantan (15 percent), while the remaining 20 percent will be for its working capital.

CNKO?s net profit of this year is planned to be 180 percent of last year?s Rp 3 billion.

Meanwhile, its profit target for 2002 is Rp 6 billion.

CNKO president director Sutanto Windura said on Wednesday its coal sale in 2002 was targeted at 750,000-1 million tons, valued at Rp 100 billion.

Of the volumes, about 150,000 tons will go to Asian countries, Windura said. (robert)