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Kapuas Prima Coal shares see 70% rise on IDX debut
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A trading floor of Indonesia Stock Exchange (IDX) building. (JP/Wienda Parwitasari)
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T Kapuas Prima Coal, a mineral mining and processing company, has seen its shares soar by 70 percent to Rp 238 (US$0.018) per share from its initial listing of Rp 140 per share, upon its debut on the Indonesia Stock Exchange (IDX) on Monday.
The company, which trades under ZINC, said that it had been able to raise Rp 147 billion in fresh funds, and would use 80 percent of this amount as capital expenditure and the remainder as working capital.
“[Our shares were] oversubscribed 500 times,” Kapuas Prima Coal president director Harjanto Widjaja said on Monday at the stock exchange building.
Kapuas Prima Coal became the 27th company listed at the bourse this year, and the 561st company registered on the IDX.
Founded in 2005, Kapuas Prima Coal’s main business activities include basic metals mining for processing into iron ore, galena, zinc and silver.
Its mining sites are located in Central Kalimantan and the company mainly exports its products to China.
As of April, the firm had booked Rp 106.85 billion in revenue, a 34.78 percent increase year on year, and also recorded a Rp 2.6 billion net profit, compared to a Rp 17.1 billion net loss in the same period last year. (bbn)
