Truba Alam to sell 38.46 pct stake in IPO

Truba Alam to sell 38.46 pct stake in IPO

Tuesday, August 29th 2006

PT Truba Alam Manunggal said it will sell 5 bln shares or 38.46 pct of its enlarged capital via an initial public offering (IPO) slated for Sept 27 to 29.

The listing on the Jakarta Stock Exchange is tentatively scheduled for
Oct 5.

The company said in a published prospectus that it will use the entire IPO proceeds to build a 2 x 100 megawatt power plant on the resort island of Bali.

It will also issue 2.8 bln warrants that can be exercised from April 5, 2007 until Oct 5, 2009.

The IPO and warrant exercise prices are yet to be determined.

Earlier reports said the company expects to raise some 400 bln rupiah from the IPO.

The company said the ownership of its existing shareholders PT Nusantara Langit Biru and PT Alam Manunggal will be diluted to 30.77 pct each after the IPO, from 50 pct each currently. Their ownership will drop further to 25.32 pct each once all warrants are converted into shares.

Brokerage firm PT Danatama Makmur is the underwriter of the IPO.

Truba Alam’s operating units include PT Maxima Infrastruktur, PT. Manunggal Power and PT Manunggal Infrasolusi whose businesses range from shipping, trading, power plants and mining.

COPYRIGHT © 2006 ANTARA

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