Kapuas Prima lists shares on IDX

By Thomas Sembiring

Petromindo|Boim

Mining firm PT Kapuas Prima Coal Tbk officially listed its shares on the Indonesia Stock Exchange (IDX) on Monday following an initial public offering (IPO) where the company sold 20.79 percent shares to the public at a price of Rp 140 each, raising around Rp 147 billion in proceeds.

Company Finance Director Susanto William told Petromindo.com that around 80 percent of the proceeds will be used to help finance exploration activities, and the remainder for working capital.

Kapuas Prima operates mines in Central Kalimantan producing mineral commodities such as lead, zinc, and iron ores. The company owns a 30 percent interest in PT Kapuas Prima Citra, which operates a lead smelter with capacity of 40,000 tons of lead concentrates, and produces 20,000 tons of lead bullion per year.

Editing by Reiner Simanjuntak