Coal miner plans IPO this year
Thursday, March 9 2017 - 01:12 AM WIB
Petromindo|Khalsa
East Kalimantan coal mining firm PT Alfa Energi plans to sell 23 percent of its shares via initial public offering (IPO) this year raise funds to help repay loans, and finance working capital and expansion program.
Alfa Energi President Director Aris Munandar was quoted by kontan.co.id as saying Wednesday that the company hopes to raise between Rp 125 billion and Rp 160 billion in proceeds from the IPO.
?The proceeds will be used to repay loans, for working capital, and expansion such as increasing capacity of port,? he said following a mini expose on Wednesday.
The company hopes to list the shares on the Indonesia Stock Exchange in June of this year.
Alfa Energi operates a 2,000-ha coal concession in Samarinda, East Kalimantan Province, producing coal with calorific value of 4,300 kcal/kg. Annual production stands at around 400,000 tons. (*)