Nov 9, 2011

Atlas Resources sets US$105 mio capex

Coal miner that is controlled by Abdi Andre, former banker of Citi, PT Atlas Resources Tbk, aims to spend US$105 million capital expenditure (capex) in the next 3 years as part of coal production expansion next year.
Coal output will be elevated to 4.5 million tons by 2012, a steep jump of 200% from estimated volume this year of 1.5 million tons from 1.3 million from last year.
"The money to meet the capex has been secured. We will get proceed from the IPO and loan facility. In total, we can spend US$105 million capex," Finance Director Dono Boestami said.
Atlas Resources grabbed Rp975 billion proceed by selling 650 million shares or 21.76% of the company's outstanding shares.
During the first debut yesterday, Atlas Resources rose 2.67% to Rp1,540 per share from the IPO level at Rp1,500 per share.

Disclosure: No position at the stock mentioned above. 

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