PTBA expects to gain Rp300 billion from divestment

State owned coal mining company PT Tambang Batubara Bukit Asam (PTBA) is projected to receive between Rp200 billion and Rp300 billion from the sales of its shares during its second public offering, Investor daily reported on Friday.

PT Danareksa, the main underwriter of the mining company’s second public offering, said that the government would sell a 20 percent stake in the mining company during the second public offering, which would be launched in June, this year.

The government had been allowed to divest up to 35 percent of its shares in the coal mining company but could only sell 15 percent during the company’s initial public offering in December, 2002.

All of the funds to be raised from the sales of the government’s shares will go to the state coffer. (*)