Pamapersda to go public

Pamapersda to go public

JAKARTA (JP): Pamapersda Nusantara, a subsidiary of publicly
listed PT United Tractors (UT), will launch an Initial Public
Offering (IPO) in July to finance its expansion program and repay
debts.

Pamapersda's parent company, UT, said in a statement issued on
Tuesday that Pamapersda, which provides construction services for
coal mining activities, would sell up to 200 million new shares
through the IPO, each with a par value of Rp 500.

The shares will be listed on the Jakarta Stock Exchange (JSX)
on July 19.

UT said that 50 percent of the IPO proceeds would be used to
purchase new heavy equipment, 25 percent to boost its working
capital and the remaining 25 percent to repay its parent
company's debt.

The company said that Pamapersda's revenue surged by 19
percent to Rp 2.16 trillion (US$196 million) in 2000, from Rp
1.82 trillion in the previous year.

Pamapersda's major clients currently include PT Adaro
Indonesia, PT Tambang Batubara Bukit Asam, PT Indominco Mandiri,
PT Multi Harapan Utama, PT Kaltim Prima Coal, PT BHP Kendilo Coal
Indonesia and PT Kadya Caraka Mulia for coal mining, and PT Indo
Muro Kencana for gold mining. (05)