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)