Nov 30, 2010

Intraco Penta plans Rp1 trio rights issue

PT Intranco Penta Tbk (INTA) intends to hold rights issue more than Rp1 trillion in the second or third quarter of 2011. The company will use the proceed to acquire coal company in the first half of 2011.
"We are eyeing 2-3 coal companies." Intraco has secured US$120 million contract from PT Harsco Minerals, Kutai, East Kalimantan.
Coal production is estimated to rise 50% in 2011 from 600,000 tons in 2010, while capital expenditure is expected about US$50 million. Intraco Penta today entered into 3 year US$38.1 million loan agreement with PT Bank Mandiri.

Disclosure: No position at the stock mentioned above.

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