JAKARTA (TheInsiderStories) - Indonesia’s PT Alfa Energi Investama, which operates coal mining assets in East Kalimantan, plans to raise funds around Rp125-160 billion through the Initial Public Offering (IPO). The company plans to issue 23 percent of it’s shares in the middle of this year, a company official said.
President Director of Alfa Energi, Aris Munandar, told the reporters that the proceeds of the IPO will be used to pay off the debts, strengthen working capital, and add storage capacity at the port. “Currently our storage can only load below 1 million tonnes in a year. We’d like to increase to 5 million tonnes next year,” Munandar said.
The mining company has started production in 2008, in Samarinda, East Kalimantan. The company’s asset stands at Rp400 billion. Alfa Energi has appointed PT Lautandhana Securindo as the underwriter of the IPO. (CS)