Tambang Batubara eyes London Stock Exchange
Thursday, February 24 2000 - 02:37 AM WIB
State-owned coal mining company PT Tambang Batubara Bukit Asam (PTBA) plans to list its shares on the London Stock Exchange (JSX) to gain more access to international investors.
The company's president RA Soenardi said that PTBA, which would sell between 30 percent and 49 percent of its shares to the public in June this year, needed a better international expose to ensure that the government's divestment program in the coal mining company would book a good result.
"Listing in the London is the best choice for such a purpose because more than 60 percent of the companies listed on the exchange operate in mining sector," he said.
PTBA, one of eight state companies put in the government's privatization list for this fiscal year, operate two large mining concessions in South and West Sumatera, is expected to produce 12.9 million tons of coal this year. Most of its production is exported to Taiwn, Japan, Southeast Asia, Europe and Latin America. The company expects to book Rp 300 billion in profit. (*)