Kalimantan coal miner to float shares at IDX

Kalimantan coal mining group PT Toba Sejahtera is planning to float 20-30% shares at the Indonesian Exchange (IDX) to get US$200-400 million funds, Director Pandu Sjahrir was quoted by Bisnis Indonesia as saying.

Pandu said the Company has appointed UBS Securities, Danareksa Sekuritas and Morgan Stanley as joint lead underwriters.

Pandu said the Company currently has production capacity of around 6 million tones per annum and will be increased to 7-9 MTPA next year.

According to Petromindo.Com data, the Company?s coal mine include PT.Adimitra Baratama Nusantara which is set to produce 3.5 million tonnes (MT) this year, PT Indomining (1.2MT), PT Kimco Armindo ( 1.3MT), PT Kutai Energi (0.3MT) and PT Trisena, which will start production early next year with capacity of 0.5MT.

All mines are located in Kutai Kartanegara regency.

The Company is controlled by retired army general Luhut Pandjaitan, who is also a former Minister of Industry and Trade. (*)