Toba Bara to float shares at IDX
Monday, April 16 2012 - 09:04 AM WIB
PT Toba Bara Sejahtra (TBS) is seeking to float its shares at the Indonesian Stock Exchange (IDX) on June 27 with the offering period of shares would take place on June 18-June 20, the company said in its presentation.
The public expose would be held on May 24.
It said that about 50 percent of the proceeds will be used for capital expenditure, some 35 percent for corporate development activities, such as working capital, exploration activities and potential acquisitions, with the remaining for repaying existing loan facilities.
The underwriters of the IPO are Morgan Stanley, CLSA and Mandiri Sekuritas.
TBS is a holding company of PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM) and PT Trisensa Mineral Utama (TMU), three coal companies with adjacent concession areas located in Sanga-Sanga, Loa Janan and Muara Jawa in the province of East Kalimantan.
ABN mining area of 2,990 hectares produced 3.8 million tons in 2011. IM which commenced production in August 2007 produced some 1.1 million tons last year, while the TMU made commercial production with 38,683 tons in 2011.
The company said that production is forecasted to increase at 26.4 percent CAGR (compound annual growth rate) to reach total production of 12.1 million tons in 2014.
Editing by David Mustakim