Jul 13, 2011

Golden Energy Mines IPO retreats

Coal miner PT Golden Energy Mines Tbk, wholly owned subsidiary of PT Dian Swastatika Tbk (DSSA), has delayed its IPO as the company is still in talks with potential strategic partners.
President Director Kokaryadi Chandra at PT Sinarmas Sekuritas, the underwriter of Golden Mines IPO, said the IPO might be realized in the last quarter of the year from initial plan in August.
Golden Mines aims to sell 1.25 billion shares or 20% of its equity at the price range of Rp2,300-Rp3,500 per share. Referring to the range, Golden Mines may raise Rp4.47 trillion during IPO.
Golden Mines is controlled by Fuganto Widjaja, son of Indra Widjaja. Indra is sone of Eka Tjipta Widjaja, founder of Sinarmas Group. Golden Mines owns and manages 10 coal concessions on 57,000 hectares in Jambi and Riau, Sumatra, with total resources of 172 million tons.

Disclosure: No position at the stock mentioned above.

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