Foreign investors purchase PTBA shares
Friday, July 2 2004 - 12:24 AM WIB
Publicly listed coal miner PT Tambang Batubara Bukit Asam (PTBA) has successfully completed the secondary offering of its 12.45 percent shares, mostly of which were bought by foreign investors, the Investor Daily newspaper reported on Friday.
The paper quoted Harry Danardojo, director of underwriter PT Danareksa, as saying that 95 percent of individual investors who purchased the shares were foreigners.
He added that institutional investors who bought the shares were overseas investors.
Harry said that PTBA, which offered 15 percent shares in 2002 through an initial public offering, raised around Rp 185 billion in proceeds from the secondary offering after deducting expenses.
The government currently controls 65 percent of PTBA shares.
The company last year enjoyed a 38 percent increase in net profit to Rp 245.69 billion. (*)