Aug 3, 2010

Berau Coal Energy upsizes IPO

PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth largest coal mine company PT Berau Coal, has decided to upsize initial public offering (IPO) from 3 billion shares to 3.4 billion shares on the back of strong demand from investor.
Vicky Gandasaputra, Vice President of PT Danatama Makmur's Investment Banking, said the demand for Berau Energy's IPO is above four folds. The IPO price has been determined at Rp400 per share.
"About 80% of the IPO will be allocated to foreign and domestic institutional investors, while the remaining will go to retail investor," he said. 
Berau Coal Energy, which is now wholly owned by PT Bukit Mutiara, special purpose vehicle (SPV) of PT Recapital Advisors,
Bukit Mutiara is 99.6% owned by PT Bentara Energi Asia Utama and Arnanto holds 0.4% stakes. PT Recapital Advisors owns 99% of Bentara Energi and Andy Widya Susatyo hold 1% stakes in Bentara.
Recapital Advisors is 99.11% controlled by PT Tripillar Gunaperkasa, while the remaining is owned by Rosan P. Roeslani, Recapital Advisors' President Directior.
Tripillar Gunaperasa is controlled by Rosan Roeslani of 73%, Sandiaga S. Uno of 12%, and Elvin Ramli holds 15% stakes.
Berau Coal is scheduled an offering on August 10- August 12 and followed by listing time table on August 19 2010 at Indonesia Stock Exchange.

Disclosure: No position at the stock mentioned above.

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