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Tuesday, 08 November 11
COAL MINER ABM INVESTAMA PLANS $290M PUBLIC OFFERING - JG


The Jakarta Globe reported that, ABM Investama, an Indonesian coal miner controlled by the Hamami family, plans to raise as much as Rp 2.6 trillion ($291.2 million) from an initial public offering next month.

The share sale would be the third-biggest IPO by an Indonesian company this year.

Andi Djajanegara, the president director of ABM, said the company planned to sell 550.6 million shares, or a 20 percent stake, for between Rp 3,250 and Rp 4,650 per share.

The Jakarta-based company said it would use 66 percent of the proceeds to finance the expansion of its units, 27 percent to repay debt and the remainder to boost its capital.

“We want to develop our five core businesses’’ with the proceeds from the sale, Andi said.

Those businesses are coal production, contract mining, integrated logistics, power solutions and engineering.

ABM plans to more than quadruple its coal production by 2015 from 2.7 million tons to meet rising demand in the global market. The company’s production has already hit 90 percent of its target for this year.

“China and India lead in coal demand, coupled with domestic demand,’’ Andi said.

ABM Investama’s total concession area covers 7,703 hectares with coal reserves of 221 million tons. It has mines in South Kalimantan and one in Aceh in Sumatra.

The company reported a net income of Rp 208.2 billion in the first six months of the year on revenue of Rp 2.8 trillion.

Cipta Kridatama, an ABM unit involved in contract mining, contributed the bulk of the company’s top-line figure, with first-half revenue of Rp 1.2 trillion.

The company has hired Morgan Stanley, Macquarie and Mandiri Sekuritas, a unit of Bank Mandiri, to help with the IPO.

Based on the IPO price range, ABM Investma’s price-to-earnings ratio would be 7.5 to 10.8, according to Iman Rachman, a director at Mandiri Sekuritas.

“Investors need to understand that this company is a diversified mining company. The PE ratio reflects its diverseness,” he said. “Its main revenue is still from its mining contractor services. But with the expansion, it will focus more on coal mining.”

The share offering will run from Nov. 28-30 with a planned listing on the Indonesia Stock Exchange on Dec. 5.

Other coal companies have gone public recently. Atlas Resources raised Rp 975 billion from an offering last week and its shares began trading on Tuesday.

Garuda Indonesia, the nation’s flag carrier, had the biggest IPO so far this year when it raised Rp 4.7 trillion in February. Salim Ivomas Pratama, the plantation unit of Indofood Group, raised Rp 3.48 trillion from its June offering.

The Hamami family also controls Trakindo Utama, the sole authorized Indonesian dealer for heavy equipment maker Caterpillar, but that is not involved in the IPO.
Source: The Jakarta Globe



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