Garda lists shares in local bourse
Ika Krismantari, The Jakarta Post, Jakarta | Thu, 07/09/2009 10:52 AM
Local coal company PT Garda Tujuh Buana officially listed its shares in the Indonesia Stock Exchange (IDX).
The listing followed the company's previous initial public offering (IPO) held between July 1 and 3.
Through the IPO, the company offered 73 percent its shares to the public at the price of Rp 115 a share and managed to secure Rp 210 billion in proceeds.
Garda director for business development Socrates Rudy Sirait says that the company will use 45.27-percent of the proceeds for capital expenditure, 9.19 percent for loan refinancing and 45.55 percent for working capital.
With that budget, the company targets to produce 900,000 tons of coal by the end of the year and will double it to the level of 1.8 million tons in 2010.
Last year, the company produced 30,000 tons of coal.
The company has a coal concession in Bunyu island, East Kalimantan with a total coal reserve of 140 million tons.
