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Saturday, 28 May 11
GOLDEN MINES IPO AT RP 2,300 - RP 3,500


Coal miner PT Golden Energy Mines, a wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA) which is controlled by Indonesian businessman Fuganto Widjaja, will float 10%-20% shares to the public via initial public offering (IPO) within the range price of Rp 2,300-Rp 3,500 after the miner seizes a strategic investor, insider stories says.

Golden Mines Corporate Secretary Eddy Salimah, as quoted by Bisnis Indonesia today, said the company is in talks with six potential strategic investors with one of them is Indian Coal India Ltd.

Coal India, the world’s largest coal miner, is in advanced talks to buy up to 40 per cent stake in Indonesia’s Golden Energy Mines in a deal valued between $750m and $1bn, an Indian paper says.

Dian Swastatika is 59.90 percent owned by PT Sinar Mas Tunggal, which is controlled by Fuganto Widjaja, son of Indonesian tycoon Indra Widjaja, and public shareholders holding the remaining stake. 

DSSA is also controlling shareholder of PT Borneo Indobara with 99.07 percent  ownership.

DSSA, parent company of coal miner PT Golden Energy Mines, reported a 511.73% jump in net profit for the first quarter of this year as a result of higher revenue.

1Q Performance.
Dian Swastatika posted US$11.99 million net profit or US$0.016 per share in 1Q 2011 from US$1.96 million in 1Q 2010, a financial statement submitted to Indonesia Stock Exchange revealed, as quoted by Insider Stories.

Insider further said, operating profit of the company has surged 308.97 percent to US$19.59 million, while gross profit soared 173.55 percent to US$33.51 million. Dian Swastatika booked a 40.81 percent increase in revenue to US$135.14 million from US$95.97 million.

Golden Mines operate several mines in Sumatra as well as in Kalimantan
.



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