PT Aneka Tambang to list shares on ASX

PT Aneka Tambang to list shares on ASX

JAKARTA (JP): Publicly listed general mining company PT Aneka
Tambang is to list its shares on the Australian Stock Exchange
(ASX) to gain more access to international investors, the company
announced yesterday.

The company said the secondary listing would ultimately serve
to reduce its cost of capital by attracting a broader and more
appropriate investor base.

The immediate expected benefit from the dual listing,
according to the company, is added international research
coverage and an improved share-trading relationship between the
Jakarta Stock Exchange (JSX) and the ASX.

"The ASX is the most appropriate for the dual listing as it
offers access to a large pool of specialized resources investors,
who due to geographical proximity also have an appreciation for
emerging markets' investment in Southeast Asia and more
specifically in Indonesia," the company said in a statement.

It did not say when the Australian listing would be made but
said the application to the ASX would either be made through a
"general admission", or as a "foreign exempt entity".

In either case, trading of the company's shares would be
subject to normal trading rules of the exchange, the company
said.

Aneka Tambang, owned 65 percent by the government and 35
percent by the public is one of 12 state companies earmarked for
privatization this fiscal year to compensate for the state budget
deficit.

Unlike other companies, the rupiah's collapse against the U.S.
dollar has given the general mining company a windfall profit as
it exports most of its ferronickel, gold, silver and bauxite
products.

Aneka Tambang saw its net profit jump 950 percent to Rp
251.81 billion (US$18 million) in the first half of this year due
to the rupiah's collapse. (hen)