Coal miners plan IPO
Friday, February 5 2010 - 02:00 AM WIB
Two Indonesian coal mining firms are planning to list shares at the Indonesia Stock Exchange (IDX) this year, targeting to reap US$500-700 million, Bisnis Indonesia daily reported, citing sources.
The report said that Borneo Lumbung Energi, a company affiliated with investment banking Renaissance Capital and Harum Energy, a company controlled by Barki family have appointed lead underwriters for the IPO plan.
Borneo Lumbung Energi has 100 percent stake at Central Kalimantan coking coal mine through PT Asmin Coalindo Tuhup. Harum Energy has several producing mines in South and East Kalimantan.
The report said that Borneo Energi will use proceed from the IPO to increase production capacity from 2.4 MTPA currently to 5 MTPA and to pay debts. (*)