COAL - PT. Black Diamond Resources Tbk

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JAKARTA – PT Black Diamond Resources Tbk (COAL), a coal mining company, has allocated IDR 40 billion from the proceeds of its initial public offering (IPO) to the capital expenditure of its subsidiary, PT Dayak Membangun Pratama (DMP).

From the short prospectus quoted Tuesday (6/9), COAL sets its eyes on IDR 125 billion of fresh funds from the IPO of 1.25 billion shares of IDR 100 each. The public offering took place from September 1 to 5, 2022.

The capital expenditure budget of DMP will be spent on repaying debts owed to contractors for the road construction of IDR 30.83 billion. Said contractors are third parties, namely PT Herald Eranio Jaya and CV Putra Jaya. The remaining IDR 9.11 billion will be used to build a mess for employee and a workshop.

Another IDR 85 billion of the IPO proceeds will be channelled to DMP’s working capital, including fuel purchase, road quality improvement, and other business operations.

The number of shares offered in the IPO is reportedly 20% of the entire issued and paid-up capital of COAL after IPO. After this corporate action, its issued and paid-up capital will rise from IDR 50 billion to IDR 62.5 billion. Its authorised capital clocks up to IDR 200 billion, while the stock in the portfolio holds IDR 137.5 billion.

The shareholder structure after the IPO will consist of Sujaka Lays, which owns 42% of the shares, PT Esa Gemilang of 24%, Arie Rinaldi of 6%, PT Alam Tulus Abadi of 4%, Herry Sen of 4%, and the public of 20%. (LK/ZH)