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PT Perdana Karya Perkasa, a mining contractor, is hoping to
raise Rp 80 billion (some US$8.7 million) from the sale of 35.2 percent
of its shares in an initial public offering (IPO) to finance its
expansion plans.
The registration of the 220 million shares will take place on Jan. 26,
with the offer period to run from Jan. 29 to 31. The shares will then
be officially listed on the Jakarta Stock Exchange on Feb. 6, according
to president director Soerjadi Soedarsono speaking Tuesday.
Each share is priced at Rp 200. And with an offer price range of
between Rp 350 and Rp 450, the firm is targeting between Rp 77 billion
and Rp 99 billion in proceeds.
After the public offering, 42.59 percent of the shares in the firm will
be held by Soerjadi Soedarsono, 16.60 percent by Fanny Listiawati, a
commissioner, 3.20 percent by Tukidi, the firm's operations director
and 2.41 percent by Dewi Kusumawati.
Soerjadi said that up to 50 percent of the IPO proceeds would be used
for the expansion of coal mining, 25 percent for investment in
equipment, 15 percent for working capital and 3 percent for upgrading
the firm's IT facilities.
Another 7 percent would be used to refinance the company's debt, which,
as of December 2006, stood at Rp 70 billion, mostly in the form of
capital leases on heavy equipment.
For 2007, total capital expenditure is targeted at Rp 212.6 billion,
including Rp 134.3 billion to be spent on coal mining, Rp 18.7 billion
on oil and gas services and Rp 23.7 billion on heavy equipment and
infrastructure.
The company estimates it took in Rp 190 billion in total earnings last
year, while this year it is targeting Rp 403 billion, consisting of Rp
228 billion from coal, Rp 125 billion from oil and gas and Rp 50
billion from support services.
This year it also expects to book a profit of Rp 47 billion after
recording a profit of Rp 28 billion last year.
Perdana commenced operations in 1983 as a heavy equipment leasing
business, then expanded into the oil and gas construction services
sector. It also provides other support services.
Perdana, whose head office is in Samarinda, East Kalimantan, currently
owns two mining concessions -- one in Semoi and one in Teluk Dalam --
that have a combined yearly output target of 800,000 tons of coal.
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