Golden Energy Mines delay IPO to Q4, from initial Q3

Coal miner PT Golden Energy Mines, a unit of IDX-listed PT Dian Swastatika, has delayed a planned initial public offering to fourth quarter this year from initial plan in the third quarter as it has not finalized negotiation with its strategic partners, an underwriter said as quoted by Bisnis Indonesia on Wednesday.

"The firm intends to look for strategic partners and not just financial investors. Currently, the firm is negotiating with potential strategic partners," said Kokaryadi Chandra, president director of PT Sinarmas Sekuritas which is the underwriter for Golden Energy IPO.

But Golden Energy is optimist that it can launch IPO at the last quarter of this year, he said.

Golden Energy had planned to sell 1.25 billion shares or 20 percent of their total shares in August this year for between 2.300-3.500 rupiah per share.

The firm expects to collect 4.47 trillion rupiah proceeds from the IPO but Kokaryadi said he was not sure about how much actually Golden Energy aims to collect from the IPO.

"We don't have the details yet but it will be above 1 trillion rupiah. We hope there won't be any downsizing," he added.

Golden Energy Mines is a unit of diversified conglomerate Sinar Mas Group. (*)