Fri Nov 4, 2011
JAKARTA Nov 4 (Reuters) - Golden Energy Mines, an Indonesian coal miner, is set to raise 2.2 trillion rupiah ($245 million) in an initial public offering this month, the firm's underwriter said on Friday.
The miner priced the offering at 2,500 rupiah per share, after a 2,300 rupiah to 3,500 rupiah price range, Kokaryadi Chandra, president director of Sinarmas Sekuritas, told Reuters after the book building process was completed.
The company, controlled by the Widjaja family via its listed unit Dian Swastatika Sentosa , is selling a 15 percent stake in the IPO.
The IPO has been delayed several times this year due to uncertainty over the firm's valuation and a strategic partner to develop its coal mines.
It finally secured a strategic partnership with India's GMR Infrastructure in August, after talks with the world largest coal miner Coal India collapsed.
India's GMR Infrastructure will buy around another 15 percent of the firm via a private placement.
Golden Energy owns 10 coal mining areas across Indonesia, the world's largest exporting nation of the thermal coal used in power stations, and plans to increase production capacity to 6-8 million tonnes this year, from 3 million tonnes last year.
It targets producing 10 million tonnes in 2012 and output of 20-30 million tonnes in 2018 from its current reserves of 850 million tonnes, the Widjaja family has said, which would make it one of the country's top ten producers. ($1 = 8,975 rupiah)
(sourced Reuters)
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