JAKARTA – PT Prima Andalan Mandiri Tbk (MCOL), a coal mining company, commenced its debut in Indonesia Stock Exchange (IDX) by issuing 355.56 million shares in its initial public offering (IPO). The IPO started on September 1, 2021, and would end today (3/9). In this corporate action, MCOL had set the execution price to IDR 1,420 per share, thus aiming to score IDR 504.89 billion in total.
In a short prospectus quoted today (3/9), IDR 441 billion of the total proceeds of the IPO would be spent on purchasing heavy equipment to support production this year. They would comprise four units of PC2000 excavator, 85 units of HD 785 dump truck, two units of 375 dozer, and two units of D155 dozer. Then, the rest of the funds would be used as working capital, particularly channelling it to one of its subsidiaries, PT Mandala Karya Prima (MKP), as a capital investment and funding its operational activities.
Prior to IPO, MCOL’s authorised capital amounted to IDR 1.28 trillion. Its issued and paid-up capital is worth IDR 320 billion, while the stock in its portfolio equals IDR 960 billion. Its shareholders consist of PT Edika Agung Mandiri (EAM) 68%, PT Prima Andalan Utama (PAU) 31%, and Handi Gilvirgo 1%. Now, after the IPO, its issued and paid-up capital rises to IDR 355.56 billion, while the stock in portfolio slightly depletes to IDR 924.44 billion. Then, the portions of the stockholders would change. EAM now owns 61.20% of the shares, PAU 27.90%, Handy Glivirgo 0.90%, and the public 10%.
As of March 2021, MCOL obtains revenue of USD 81.19 million, declining from USD 96.17 million reported last year. Moreover, its profit also slides off to USD 21.01 million from USD 21.30 million in Q1 2020. (LK/ZH)