Govt sets price for Bukit Asam

Govt sets price for Bukit Asam

JAKARTA: The Indonesian government has set an initial price of
between Rp 650 and Rp 750 a share for its planned secondary
offering of a 12.4 percent stake in PT Tambang Batubara Bukit
Asam.

"The book building and offering period for Bukit Asam shares
will be between June 21 and June 23," State Enterprises Minister
Laksamana Sukardi told reporters on Thursday.

Analysts expect the government to raise between Rp 186 billion
and Rp 215 billion from selling 286.9 million shares in Bukit
Asam. The government has a 83.74 percent stake in the state-owned
coal miner.

To attract foreign investors, representatives from the
government and the company held roadshows in several Southeast
Asian countries and Hong Kong between June 9 and June 11. The
shares are tentatively due to be listed June 27 or June 28 with
PT Danareksa Sekuritas is bookrunner for the sale. -- DJ