May 27, 2011

Ups...Kiki Barki to sell Harum Energy

PT Karunia Bara Perkasa, controlling shareholder of coal miner PT Harum Energy Tbk (HRUM), that is controlled by Indonesian businessman Kiki Barki, finally could realize a share placement in Harum today.
When Harum Energy held IPO in September last year, Karunia Bara initially intended to place 450 million shares, enabling the parent company to seize Rp2.34 trillion.
However, Karunia Bara suddently downsized the stake it should be placed during the IPO to 300 million shares, shrinking the proceed to Rp1.56 trillion.
To stick to the initial plan, Karunia Bara could dispose the remaining unsold shares of 150 million shares worth Rp780 billion (using Harum Energy IPO price at Rp5,200 a share).
But, it seems Kiki Barki has other thought. He, who pioneers in the country's coal mining sector, is proposing another shares sale. How much shares he will dispose and at what price? Please read the remaining story.
Disclosure: No position at the stock mentioned above.

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