Harum Energy surges by Rp 800 during debut

Coal mining company PT Harum Energy Tbk, which made its debut on the Indonesian Stock Market on Wednesday, saw its shares surged by Rp 800 to Rp 6,000 each at the opening of the market.

Harum Energy floated 500 million shares at Rp 5,200 per share during the initial public offering (IPO).

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 the Barki family. (*)