Mitrabara Adiperdana plans to launch IPO this year

Coal miner PT Mitrabara Adiperdana plans to launch an initial public offering (IPO) this year by selling 22 percent of its shares to the public, Bisnis Indonesia daily reported on Wednesday.

The paper quoted Indonesia Stock Exchange Director of Corporate Valuation, Hoesen as saying that Mibrabara had conducted last week mini expose of the planned IPO. ?They have reported to us, to release 22 percent shares, with PT Danareksa Securities as the underwriter,? he said.

Mitrabara, which is part of the Baramulti Group, operates coal mining concession in Malinau Regency, East Kalimantan. The company has signed a five-year contract with IDX-listed coal mining services firm PT Dharma Henwa Tbk to develop the Malinau project. (*)