Tuesday, September 1, 2009

Berau IPO suspended up to early 2010

The initial public offering (IPO) of PT Armadian Tritunggal, the holding company of PT Berau Coal, is certainly suspended into early 2010 as from the target in 2009.
The IPO preparation process is currently ongoing. But he has no idea on the progress. The IPO is projected to exceed US$100 million. Berau IPO is assisted by Bahana Securities, Bank of America-Merrill Lynch, and Deutsche Bank.
Berau Coal owner, Rizal Risjad, the son of tycoon Ibrahim Risjad, is in process of selling up to 90 percent shares to the fifth largest coal producer nationwide worth US$1 billion or IDR10 trillion.
The current shareholders of Berau Coal include Armadian with 51 percent possession, Rognar Holding BV 39 percent, and Sojitz Corporation 10 percent. The owner of 100 percent Armadian shares is PT Risco controlled by Rizal Risjad.

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