Govt to sell another 20 percent stake in PTBA

The government will likely sell another 20 percent of its stake in state-controlled coal miner PT Batubara Bukit Asam (PTBA) during the company’s secondary public offering in June this year, Bisnis Indonesia reported on Friday.

PT Danareksa Sekuritas, which has been asked to act as the main underwriter of the secondary public offering, said that the public investors would be given a wider opportunity to buy the shares.

Daniel Iskandar, the president of PT Danareksa, said that the government expected to raise between Rp200 billion and Rp300 billion from the divestment in PTBA, the second since it sold its 15 percent during the company’s initial public offering (IPO) in 2002.

He said he was optimistic that the secondary public offering would receive a positive response from investors given the healthy condition of the company’s fundamentals. But he said that the price of the shares had not been fixed. (*)