United's coal subsidiary to launch public offering in July
Tuesday, May 29 2001 - 06:30 AM WIB
Parnapersada Nusantara, a subsidiary of publicly listed United Tractor, will sell about 200 million new shares to the public in July to raise funds for its expansion and debt repayment, the company said.
Eugenia M. Djohariah, the spokesperson for United Tractor, said in Jakarta on Monday that Pernapersada, which provides construction services in the coal mining sector, would list its shares on the Jakarta Stock Exchange (JSX) on July 2001, Koran Tempo reported on Tuesday.
The company's IPO is part of United Tractor's divestment program to restructure its debts, Eugenia said, adding that the number of shares, which would be sold during the IPO, would reach 200 million, each with a par value of Rp 500.
Eugenia said that 50 percent of the funds to be raised from the public offering would be used to purchase new heavy equipment, 25 percent for improving the capital structure and the remaining 25 percent for debt repayment.
The company's clients include coal mining companies PT Adaro Indonesia, PT Tambang Batubara Bukit Asam, PT Indominco Mandiri and PT Multi Harapan Utama.
The company has also secured new contracts with PT Kaltim Prima Coal, PT BHP Kendilo Coal Indonesia and PT Kadya Caraka Mulia. (*)