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Jakarta Post

Coal miner PT Borneo sets IPO at Rp 400 to Rp 600

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, February 15, 2018   /   03:11 pm
Coal miner PT Borneo sets IPO at Rp 400 to Rp 600 Freight trains transport coal in this undated file photograph. (kompas.com/File)

Coal mining company PT Borneo Olah Sarana Sukses (BOSS) has set the prices of its initial public offering (IPO) from Rp 400 (2.95 US cents) to Rp 600 (4.43 US cents) on Thursday.

The company is offering 400 million shares, equivalent to 28.57 percent of its total capital, aiming to raise up to Rp 160 billion.

BOSS director Widodo Nurly Sumady said proceedings from the the IPO would be added to its capital expenditure to fund infrastructure projects in coal hauling and jetty facilities.

Widodo said the coal miner was targeting increased production in 2018.

“Last year, we managed to produce 500,000 metric tons,” Widodo told a press conference at the Indonesia Stock Exchange (IDX).

Established in 2011, BOSS has four mining concessions in West Kutai, East Kalimantan. The company has recorded Rp 120.6 billion in sales profit up to September 2017. (dpk/bbn)