PT Recapital Advisors is in talks with one of largest commodities global player Noble Group and other potential investors in a bid to sell 20% stakes in PT Berau Coal Energy Tbk (BRAU).
Berau Energy President Director Rosan Perkasa Roeslani said following initial public offering (IPO), Recapital aims to dispose 20% stakes in BRAU to potential strategic investors.
"The proceed will be used to pay US$580 million bonds which will due in December 2010," Rosan said in the sidelines of the trading debut yesterday.
Rosan said Berau Energy expects to post US$350 million EBITDA this year from US$301 million a year earlier.
Berau Energy's revenue is estimated to rise by 17% from US$855 million in 2009 to US$1 billion. Total sales is targeted to reach 17.2 million tons of coal with average selling price at US$58.25 per ton. Berau Coal Energy's 2009 sales volume reached 14 million tons of coal with ASP at US$56.4 per ton.
For the period ended June of this year, Berau Energy booked US$477 million, a 28% rise from US$343.44 million a year earlier. Coal sales volume rose 22.86% from 7 million tons to US$8.6 million tons.
Disclosure: No position at the stock mentioned above.
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