Business

Bayan Resources to launch
IPO to raise US$400m

Coal producing company PT Bayan Resources plans to launch its initial public offering (IPO) in July, hoping to raise US$400 million in fresh funds.

Bayan resources has named PT Trimegah Securities and PT Merrill Lynch Indonesia as the leading IPO underwriters, the newspaper Investor Daily reported Tuesday.

Trimegah president Avi Dwipayana said Bayan plans to sell 30 percent of its shares. The subsidiary of the Gunung Bayan Group and the underwriters have planned trips to the United States, Australia and Hong Kong.

Bayan has three coal mines in East Kalimantan with a total production capacity of 7 million tons a year.(**)

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