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