PTBA changes "road show" plan

Coal mining operator PT Tambang Batubara Bukit Asam (PTBA) has changed its road show plan in several countries due to uncertainty in the security situation in Indonesia following the bloody explosion in Bali last week, Media Indonesia reported on Saturday.

Sources told the daily that PTBA had dropped some countries from its road show program amid the worsening of the domestic capital market sentiment following the Bali tragedy which killed 183 people mostly foreign tourists from Australia.

The change in the road show agenda had led to the withdrawal of joint venture securities company PTBNP Paribas Pregrine as the co-underwriter of the mining company?s initial public offering (IPO). "BNP has pulled out because the change in the road show plan would reduce its role in the IPO plan," the source added.

PT BA has named state owned securities company PT Danareksa as the underwriter for the sale of its shares to local investors and PT BNP Paribas Pregrine as the underwriter for the sale of shares to foreign investors.

The mining company plans to sell about 35 percent of its shares during the IPO plan which would be launched in November this year. Between 30 percent and 35 percent of the shares will be sold to foreign investors. (*)