Indonesia's Adaro Energy Hopes to Earn $US800MLN From Ipo

$all $id $enr $isu

JAKARTA, May 8 Asia Pulse - Indonesian energy company PT Adaro Energy said it may earn up to US$$800 million from an initial public offering its plans to launch in July.

The parent company, the country's second-largest coal producer, PT Adaro Indonesia, plans to sell 31.7% of its shares, a company director Andre Mamuaya said.

The earnings from the IPO target are at least US$500 million, but the result could go up to US$800 million, Andre said.

Adaro Energy has named PT Danatama Makmur as the underwriter for the IPO and UBS AG, Morgan Stanley and DBS Vickers Securities as international sales agents.

Andre said part of the funds would be used to buy the 34% stake held by foreign investors in Adaro Indonesia making Adaro Energy as the sole owner of its subsidiary.

Adaro also plans to use US$200 million of the funds to refinance debt, to reduce its debts now totalling US$750 million.

(ANTARA)

Copyright © 2008 AsiaPulse Pte. Ltd. All rights reserved. Retransmission,dissemination or publication is expressly forbidden. Asia Pulse gives no warranty or guarantee as to the accuracy of the information and shall not be liable for errors, omissions, or delays or interruptions in the service.

Copyright © 2008 Yahoo! Southeast Asia Pte Ltd (Co. Reg. No. 199700735D). All Rights Reserved.
Privacy Policy - Terms of Service - Community - Help