PT BA completes documentation of business plan

State owned coal producer PT Batubara Bukit Asam (PT BA) has completed the documentation of its business plan and financial projections for 2002-2016 as part of the preparation for the company?s initial public offering (IPO), Bisnis Indonesia reported on Thursday.

The company?s corporate secretary Munandar said in Jakarta on Wednesday that the business plan and financial projections would be officially unveiled to the government as the company?s shareholder this week.

PT BA which operates massive coal mining areas in Tanjung Enim, South Sumatra, is one of state owned companies which will be privatized as part of the government?s efforts to raise fresh funds to cope with the state budget deficit.

According to the initial plan, PT BA will sell about 30 percent of its shares to the public through IPO. The company has appointed PT BNP Paribas Peregrine to coordinate the sales of the shares to foreign investors and PT Danareksa Sekuritas to handle the sales of the shares to local investors. (*)