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Indonesia's Toba Sejahtera to buy Inalum shares worth $700 mln
Edited by : AL CIRCLE
1 min read
Indonesian thermal coal miner Toba Bara Sejahtera plans to buy shares in aluminum firm PT Inalum worth $700 million, Toba Sejahtera founding chairman Luhut Panjaitan said on Tuesday.
The coal miner aims to acquire 58.88 percent of the shares from Nippon Asahan Aluminium, a consortium of 12 Japanese firms. Indonesia's government owns the remaining shares.
Toba Sejahtera is also planning an initial public offering by May 2012 to raise around $400 million to tap investor demand in the world's biggest thermal coal exporting nation.
The company has appointed Morgan Stanley, Citigroup , CLSA Asia-Pacific Market and local brokerage Mandiri Sekuritas as underwriters, said Panjaitan.
Panjaitan also said the company saw coal output reaching 11 million tonnes next year, up from around 6-7 million tonnes this year.
Indonesia's coal output is estimated to rise at least 10 percent annually over the next five years. Industry associations expect production to reach 340 million tonnes this year.
The coal miner aims to acquire 58.88 percent of the shares from Nippon Asahan Aluminium, a consortium of 12 Japanese firms. Indonesia's government owns the remaining shares.
Toba Sejahtera is also planning an initial public offering by May 2012 to raise around $400 million to tap investor demand in the world's biggest thermal coal exporting nation.
The company has appointed Morgan Stanley, Citigroup , CLSA Asia-Pacific Market and local brokerage Mandiri Sekuritas as underwriters, said Panjaitan.
Panjaitan also said the company saw coal output reaching 11 million tonnes next year, up from around 6-7 million tonnes this year.
Indonesia's coal output is estimated to rise at least 10 percent annually over the next five years. Industry associations expect production to reach 340 million tonnes this year.
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