The Jakarta Post
Publicly listed coal miner PT Adaro Energy marked its 10-year initial public offering (IPO) on Monday, a milestone that also marks the company's diversifying its business beyond mining.
Adaro president director Garibaldi Thohir said the company had successfully transformed from mining company with coal mines in South Kalimantan into diversified company with a number of integrated businesses.
“In the first decade [since the IPO], we have transformed from a South Kalimantan coal mining company into a vertically integrated coal mining company, from [coal] pits to port to power,” Garibaldi said in his speech at Adaro's 10th IPO anniversary event on Monday in Jakarta.
He added that the company’s decades-old existence was a testament to its resilience in navigating through the boom-bust cycle of natural resources.
Adaro had continued to transform its business model since July 16, 2008, when it was listed on the Indonesia Stock Exchange, to expand to eight business sectors, including logistics, services, water, land development and energy, said Garibaldi.
“We are always committed to take part in developing our beloved country by providing public access to clean water and electricity through our integrated mining and energy businesses,” he added.
Finance Minister Sri Mulyani Indrawati and taxation director general Robert Pakpahan also attended Monday's anniversary event (bbn)