Coal mining company PT Cipaganti Inti Resources decided to delay its proposed initial public offering (IPO) from an initial plan in the first half to the second half of this year as the market situation is less favorable.
Cipaganti, with 1,300 hectares of coal concession in East Kalimantan, plans to float 40% stake in the primary market with a target proceed of Rp500 billion-Rp1 trillion.
"The IPO proceed will be used by the company to develop the heavy equipment business and mining," said Cipaganti Group President Director Andianto Setiabudi as reported by Kontan daily today.
Cipaganti Resources, which has started a commercial production, has 3 million tons of coal reserves with calorie of 5,500 kcal-5,800 kcal.
Disclosure: No position at the stock mentioned above.
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