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Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010


Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal mines in East Kalimantan, the firm's president director said on Monday.

A consortium of PT Persada Capital Investama and PT Triputra Investindo Arya, which are also stakeholders in coal producer Adaro Energy own a combined 65 percent shares in Bhakti Energi and the rest is owned by individual investors.

Jeffrey Mulyono, Bhakti's president director, told reporters on the sidelines of the Coaltrans 3rd Coal Mining Operations and Economics confererence in Jakarta that the miner planned to apply to the capital market regulator in January and the IPO could take place in March or in April.

He did not say how much the miner aimed to raise from the IPO but said proceeds raised would be used to finance infrastructure development at its Wahau mine in East Kalimantan.

Local media have reported that PT Bhakti had appointed PT Bahana Securities as the underwriter for the offering.

Bhakti Energi has eight mining concessions. One has started production with mineable coal reserves of 127 million tonnes, while the remaining seven concessions, where mining has not yet started, have combined mineable reserves of 5.7 billion tonnes.

Mulyono said the miner expected to produce 1.3 million tonnes of coal in 2010, increasing to 3 million tonnes in 2011.

He said the firm, which produces coal with a heating value of 3,500 kcal/kg as-received, has signed contracts to sell 250,000 tonnes of coal this year.

"We are selling 100,000 (tonnes) to an Indian utility and the remaining to local buyers. These are trial shipments," Mulyono said, adding it would start shipping by the end of October.
Source: Reuters



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