Sep 27, 2010

KBP gets Rp1.56 trio from Harum Energy

PT Karunia Bara Perkasa (KBP), shareholder of Indonesia's thermal coal miner PT Harum Energy Tbk and controlled by Indonesian tycoon Kiki Barki, snaps up Rp1.56 trillion cash from initial public offering (IPO).
Based on additional prospectus published today, KBP has shrank shares size sold during Harum Energy's IPO from 450 million shares to 300 million shares.
In total, Harum Energy plans to sell 500 million shares worth Rp1.56 trillion or Rp5,200 per share from initial plan of 650 million shares. The company also issues 200 million new shares worth Rp1.04 trillion.
Harum Energy has mandated two lead underwriters PT Ciptadana Securities and PT Mandiri Sekuritas.
Harum Energy also cut green shoe size from 65 million shares to 50 million shares.
The company plans to use the IPO proceed worth US$50 million to develop coal production in its subsidiary dubbed PT Santan Batubara, which also subsidiary of PT Indika Energy Tbk (INDY), in 2010 and 2011.
About US$30 million of the proceed will be utilized by Harum Energy to bankroll business development, maintenance, and purchase of 20 boats to jack up coal capacity transportation in 2010 and 2011.
It also plans to use US$15 million of the proceed for working capital, including coal mining contractor belong to its subsidiary in 2011 and 2012.
A certain amount of the remaining proceed will be used to exploration, pay some of DBS debt facility, and support acquisition and other projects.
Harum Energy posted Rp894.7 billion revenue in the first quarter of this year. In 2009, it booked Rp4.60 trillion revenue. Operating profit reached Rp163.6 billion in the first quarter of this year and Rp134.1 billion net profit.

Disclosure: No position at the stock mentioned above.

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