Harum Energy sets to launch IPO in Q3

PT Harum Energy is set to sell its shares through initial public offering (IPO) in the third quarter, instead of first semester this year, Investor Daily reported Thursday.

PT Mandiri Sekuritas, Ciptadana Sekuritas, Deutshce Securities and Goldman Sachs have been appointed as the underwriter in the IPO.

Mandiri Sekuritas? managing director Kartika Wirdjoatmodjo said that he did not know yet how many percent the share would be sold through the IPO.

But according to the earlier report that Harum would sell around 20-25 percent of its shares to get around US$300-400 million of fresh money.

Harum Energy operates several coal mining in Kalimantan including PT Tanito Harum and PT Mahakam Sumber Jaya (MSJ), PT Tambang Damai in East Kalimantan and PT Santan Batubara, a 50/50 joint venture between Clough?s 82 percent owned Indonesian subsidiary PT Petrosea and Harum Energy.

Harum Energy is expected to produce 10 million tons of thermal coal this year. Harum Energy is controlled by Barki family. (*)