PTBA price set at Rp650 per share
Monday, June 21 2004 - 12:54 PM WIB
The government said Monday would sell a 12.4 percent stake in PT Tambang Batubara Bukit Asam (PTBA) at Rp650 (US$= Rp.9,400) per share each via a secondary offering from Monday to Wednesday.
"The offering price reflects the current market situation," Deputy State Enterprises Minister Machmuddin Yasin told reporters.
Analysts expect the government to raise about Rp186.5 billion from selling 286.9 million shares in PTBA.
The government has a 83.74 percen stake in PTBA.
PT Danareksa Sekuritas is the underwriter for the sale. (*)