Sep 1, 2010

Harum Energy sets US$45.2 mio capex

Coal mining company controlled by Indonesian tycoon Kiki Barki, PT Harum Energy Tbk has set US$45.2 million capital expenditure (capex) in 2010, most of them will be used to buy boats worth US$21.4 million and repair and build road for coal transportation worth US$10.4 million. The company will use available financing to support the expenditure in 2010.
Harum Energy produced 1.1 million tons of coal in the first quarter of this year. It produced 4.5 million tons of coal in 2009, 3 million tons, and 2.8 million tons in 2008 and 2007 respectively. Coal sales volume in 2009 reached 6 million tons of coal, an increase from the previous year of 4.1 million tons.
Harum Energy posted Rp894.7 billion revenue in the first quarter of this year. In 2009, it booked IDR4.60 trillion revenue. Operating profit reached IDR163.6 billion in the first quarter of this year and IDR134.1 billion net profit.
Harum's controlling share holder namely, PT Karunia Bara Perkasa (KBP), aims to sell 450 million shares during initial public offering (IPO) of 650 million shares or 24.7% stakes in coal miner PT Harum Energy Tbk scheduled on October 6 2010. In line with the IPO, Harum Energy also plans to issue 200 million shares.
Based on the IPO prospectus published today, Harum Energy has mandated two lead underwriters PT Ciptadana Securities and PT Mandiri Sekuritas. 
Harum Energy also determined to provide green shoe or over allotment of a maximum 65 million shares during the IPO when the market demand outstrips the IPO size.
Post IPO, Karunia Bara Perkasa will control 75.84% stakes in Harum Energy, PT Bara Sejahtera Abadi to hold 0.09%, and the public share holders will hold 24.07% (excluding green shoe).

Disclosure: No position at the stock mentioned above.

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