PTBA to sell 286.91 million shares through secondary offering
Thursday, May 13 2004 - 12:51 AM WIB
State coal producer PT Tambang Batubara Bukit Asam (PTBA)on Wednesday said it plans to sell 286.91 million shares, or 12.45 percent of its total equity, through a secondary public offering later this year.
Bukit Asam didn't specify the date of the sale, but said in a prospectus the government's shareholding in the company will be reduced to 65 percent from 77.45 percent after the sale, Dow Jones Newswire reported on Wednesday.
The shares have a par value of Rp 500 ($1=Rp8,958) each.
The company said it hasn't set the offering price.
PT Danareksa Sekuritas is acting as the lead underwriter for the sale.
The company didn't say how much capital it will raise from the sale.(*)