PTBA dismisses reports on plan to issue bonds
Saturday, February 15 2003 - 02:18 AM WIB
State coal miner PT Batubara Bukit Asam (PTBA) has denied reports that it will issue bonds worth Rp300 billion (US$=Rp8,920), Neraca daily reported Saturday.
?We have not made any plan to issue bonds, all the more so that it is meant to increase our coal production,? the paper quoted as saying PTBA?s corporate secretary Milawarma.
Earlier reports said that PTBA, which sold its shares in an initial public offering last December, had planned to issue bonds worth Rp300 billion and that the proceeds of the bond issuance would be used for boosting its coal production in 2003.
PTBA?s coal production in 2003 is targeted at 9.8 million tons, up from last year?s production of 9.5 million tons.
The company operates a huge coal mine in Muara Enim, South Sumatra, and another coalmine in West Sumatra. (*)