Bayan Group plans to IPO in July

Coal mining firm PT Bayan Group has targeted to raise about Rp 3.7 trillion or about US$400 million from the company’s initial public offering (IPO) which will be launched in July, Investors Daily reported on Tuesday.

The company has named PT Trimegah Securities Tbk and PT Merrill Lynch Indonesia as the underwriters of the IPO.

Avi Dwipayana, the president of Trimegah Securities said that Bayan would sell about 30 percent of its enlarged capital in the IPO which would be launched later next month.

He said that the prospectus for the IPO would be submitted to the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) next week. “We hope we will receive approval for the IPO within 45 days,” he said.

Avi said that about 30 percent of the IPO proceeds would be used to finance expansion plan and to repay debts. Bayan Group plans to increase coal production to 21 million tons by the end of 2010.

Bayan Group, which is controlled by Malaysian businessman Dato Low Tuck Kwong has six coal mining business units including East Kalimantan miner PT Gunung Bayan Pratamacoal and is also the owner of the Balikpapan coal terminal. (one)

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