Aussie firm to list New Hope<\/p>\n
Dow Jones
\nSydney<\/p>\n
Australia's Washington H. Soul Pattinson & Co. is preparing to
\nlist its New Hope Corp. subsidiary on the Australian Stock
\nExchange, giving investors a more direct route into a massive
\nIndonesian coal mine.<\/p>\n
But unlike last week's shake-up at PT Kaltim and Rio Tinto
\nPLC, Soul Pattinson is a Western investor keen Prima Coal,
\nallowing the exit of Britain's BP PLC to retain its exposure to
\nIndonesia's coal sector.<\/p>\n
\"We are long-term investors,\" said David Fairfull, a non-
\nexecutive director of the Sydney-based investment concern.<\/p>\n
The decision to list New Hope is part of a broader strategy by
\nSoul Pattinson to have its major investments \"in the public
\narena,\" he said.<\/p>\n
Soul Pattinson owns 69.34 percent of New Hope.<\/p>\n
As a result of the New Hope listing, which will raise up to
\nA$10 million, the stake held by Soul Pattinson, and its associate
\nBrickworks Ltd., could be watered down to 64 percent. But there
\nare no plans to reduce that stake any further.<\/p>\n
New Hope is expected to have a market capitalization of around
\nA$280 million upon listing, which is scheduled for September.<\/p>\n
The company's major asset is a 40.83 percent stake in PT Adaro
\nIndonesia, which owns and operates the largest open cut coal mine
\nin terms of marketable coal production in the Southern
\nHemisphere.<\/p>\n
Adaro has been steadily increasing production since the start
\nof operations in 1991.<\/p>\n
In 2002, it produced 20.8 million metric tons of coal and sold
\n21.2 million tons, trademarked Envirocoal.<\/p>\n
New Hope's fellow investors in Adaro include PT Asminco Bara
\nUtama. Another Indonesian investor is PT Harapan Insani Indotama,
\na company owned by Hashim Djojohadikusumo, a prominent
\nbusinessman with connections to former President Soeharto.<\/p>\n
Harapan Insani Indotama bought some of New Hope's equity in
\nAdaro in 2001, helping New Hope comply with restrictions on
\nforeign investment.<\/p>\n
In addition to the Indonesian mine operation, New Hope has
\ncoal-mining interests in Australia and port assets in both
\ncountries.<\/p>\n
Overall, Indonesia accounts for about 65 percent of New Hope's
\nbusiness and Australia 35 percent, said Fairfull.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/aussie-firm-to-list-new-hope-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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