May 27, 2011

Golden Mines IPO at Rp2,300-Rp3,500

Coal miner PT Golden Energy Mines, a wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA) which is controlled by Indonesian businessman Fuganto Widjaja, will float 10%-20% shares to the public via initial public offering (IPO) within the range price of Rp2,300-Rp3,500 after the miner seizes a strategic investor. 
Golden Mines Corporate Secretary Eddy Salimah, as quoted by Bisnis Indonesia today, said the company is in talks with six potential strategic investors with one of them is Indian Coal India Ltd.
Dian Swastatika is 59.90% owned by PT Sinar Mas Tunggal, which is controlled by Fuganto Widjaja, son of Indonesian tycoon Indra Widjaja, and public shareholders hold the remaining stake. 
Golden Mines was founded in 1997 with 99.99% shareholding owned by DSSA. As of March 2011, Golden Mines' aset was US$126.48 million, which is the largest assets of Dian Swastatika.
DSSA is also controlling shareholder in coal miner PT Borneo Indobara with 99.07% ownershio. Borneo's total asset was US$43.49 million in 1Q 2011.
DSSA, parent of coal miner PT Golden Energy Mines, reported a 511.73% jump in net profit for the first quarter of this year as a result of higher revenue.
1Q Performance
Dian Swastatika posted US$11.99 million net profit or US$0.016 per share in 1Q 2011 from US$1.96 million or US$0.003 per share in 1Q 2010, a financial statement submitted to Indonesia Stock Exchange revealed.
Operating profit surged 308.97% to US$19.59 million from US$4.79 million, while gross profit soared 173.55% to US$33.51 million from US$12.25 million. Dian Swastatika booked a 40.81% increase in revenue to US$135.14 million from US$95.97 million.
 
Disclosure: No position at the stock mentioned above.

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