Bukit Asam sets IPO price at Rp 575

Bukit Asam sets IPO price at Rp 575

JAKARTA: State-owned coal miner PT Tambang Batubara Bukit Asam
said Wednesday it has set the price of the 346.5 million shares
in its upcoming initial public offering at Rp 575 (6.3 US cents)
each.

The company will offer the shares to the public from Thursday
to Monday.

The offering includes 315 million of the government's shares
in the company and 31.5 million new shares.

Bukit Asam will give one warrant for every two shares bought.
The warrant holders will be entitled to buy the company's shares
at Rp 675 each from June 30, 2003 to Dec. 22, 2005.

Proceeds from the sale of the government's stake in the
company will go to the state's coffers to help finance the state
budget. The remainder will be used as working capital, Bukit Asam
said in a statement.

The IPO shares represent 15 percent of the company's enlarged
share capital. Bukit Asam had planned to offer 35 percent of its
shares in the IPO, but reduced the amount following the Oct. 12
bombings on Bali island, which have hurt market sentiment. -- Dow
Jones