Dwi Guna to launch IPO next month

By Thomas Sembiring

Petromindo|Thomas

PT Dwi Guna Laksana, a subsidiary of IDX-listed coal company PT Eksploitasi Energi Indonesia Tbk, plans to offer shares to the public via an initial public offering (IPO) next month.

?The IPO is planned for next month,? said Wim Al Fatih, a Director of Dwi Guna, on Friday. The company supplies coal to state-owned electricity firm PT PLN?s power plants in Sulawesi, Nusa Tenggara, and Kalimantan regions.

Dwi Guna plans to sell 35.89 percent shares to the public with offering period scheduled on December 4-6 at a price range of Rp 140-Rp 150 per share. As a sweetener, the company will issue a warrant for every purchase of 20 shares. The shares will be listed on the Indonesia Stock Exchange on December 13.

About 56.19 percent of the IPO proceeds will be invested in subsidiary PT Truba Dewata Guna Persada, while the remainders will be used to repay debts owed to Bank Mayapada, PT Sinar Mas Multi Finance, and PT Dian Ciptamas Agung, and for working capital.

Editing by Reiner Simanjuntak