Toba Bara officially lists shares at IDX

PT Toba Bara Sejahtra (TBS) officially listed shares at the Indonesia Stock Exchange (IDX) on Thursday with price of initial public offering (IPO) set at Rp1,900 per share. Toba Bara offered 10.5 percent of its shares or 210 million shares.

Kontan.co.id reported that the price of share jumped 14.47 percent to Rp2,175 per share in the morning trading session on Thursday.

TBS is a holding company of PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM) and PT Trisensa Mineral Utama (TMU), the three companies with adjacent concession areas located in Sanga-Sanga, Loa Janan and Muara Jawa in the province of East Kalimantan with total concession area of 7,087 hectares.

The company earlier said that half of the expected proceeds will be used for capital expenditures, some 35 percent for corporate development activities for working capital, exploration activities and potential acquisitions, with the remaining is to repay loan.

The company projected its annual production would increase at 26.4 percent CAGR (compound annual growth rate) to 12.1 million tons in 2014 with the calorific value ranges from 5,200 kcal/kg to 6,250 kcal/kg on an air-dried basis.

The annual coal production at ABN which commenced production in September 2008, is expected to ramp up to 9.1 million tons in 2014 from 3.76 million tons in 2011 with Indomining output is projected to hit 1.8 million tons in 2014 from 1.41 million tons in 2011. Indomining commenced production in August 2007.(*)