Coal mining firm to go public

Coal mining firm PT Central Korporindo Internasional Tbk plans to go public by offering 800 million new shares at the Jakarta Stock Exchange (JSX), according to the company?s official.

Sutanto Windura, the company?s president said in a public expose in Jakarta Monday that the company hoped to raise Rp. 80 billion (US$ = 9,950) from the initial public offering (IPO).

The said some 65 percent the fund raised would be used to build coal processing plant and barging facilities.

According to Sutanto, the company plans to list its shares in August 23, while the offering period is planned at August 13-15, with the offering price of Rp.105 a share.

Central Korporindo operates a coal mine in South Kalimantan with the current production capacity of 40,000 tons of coal per month. The company sells its entire product domestically.

However, Sutanto said the company would ramp up production in the next years to meet the growing export demand.

He said once the coal processing plant becoming on stream, the company would be able to produce at 180,000 tons per month. (alex)