JAKARTA. PT Black Diamond Resources Tbk (COAL) soon to take part in the coal mine stock trading in Indonesia Stock Exchange (IDX) by listing 1.75 billion new shares publicly through its initial public offering (IPO).
In the issued prospectus, COAL is said to offer 25.93% of its issued and paid-up capital worth IDR 10 per share. These new shares will be put on the market for a price ranging between IDR 100 to IDR 130 each. With this price, the company aims to score IDR 227.50 billion in its public offering.
The company plans to utilise IDR 40 billion to cover the capital expenditure of its subsidiary, PT Dayak Membangun Pratama (DMP). Another IDR 30.88 billion will be channelled to DMP to settle debt owed to its contractors, PT Heral Eranio Jaya and CV Putra Jaya, for the road construction project. Then, COAL will spend approximately IDR 9.11 billion to build a mess and workshop for employees of DMP. The remaining amount will still be utilised by DMP, this time for paying mining contractors, purchasing fuel, repairing and upgrading the quality of haul roads, and covering general needs, including employees’ wages.
The bookbuilding phase is currently ongoing, from August 12 to 22, 2022. The public offering is estimated to follow from August 31 to September 5, 2022. Then, the listing on Indonesia Stock Exchange is projected to take place on September 7, 2022.
Black Diamond Resources is the parent company of DMP, which owns the coal mining business license over Gunung Mas area in Central Kalimantan. At the end of 2021, DMP managed to score coal sales of 208,254 metric tons. Currently, it has a production capacity of 1,500,000 metric tons per year. (AM/ZH)