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Copper miner Amman aims to raise Rp12.94 trillion through IPO
Amman plans to use proceeds from its initial public offering to build a smelter, processing facility and power plant.
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Amman directors (left to right) Arief Widyawan Sidarto, Alexander Ramlie, Irwin Wan and Naveen Chandralal pose for a photograph on May 31, 2023. (JP/Aditya Hadi Pratama)
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T Amman Mineral Internasional has started the initial public offering (IPO) process and expects to be listed on the Indonesia Stock Exchange (IDX) on July 5.
The copper and gold mining company plans to sell around 10 percent of its shares at a price between Rp 1,650 and Rp 1,775, thereby raising up to Rp12.94 trillion (US$864 million).
If successful, the IPO would be the fourth-biggest fundraiser on the IDX, after PT Bukalapak, PT Dayamitra Telekomunikasi and PT GoTo Gojek Tokopedia.
Amman aims to inject Rp 1.79 trillion from the proceeds into its subsidiary PT Amman Mineral Industri to continue construction of a smelter that could process 900,000 tonnes of copper concentrate per year.
Another Rp 3.05 trillion will be used to repay loans of its subsidiary PT Amman Mineral Nusa Tenggara (AMNT).
The rest of the money would also go to AMNT to expand its processing facility and build a steam and gas power plant of 450-megawatt capacity.
Amman president director Alexander Ramlie described the smelter as part of the firm’s commitment to the government's push for downstream development in the metal mineral industry.
