TOBA Share Rises 15% In Early Trading Session

JAKARTA: PT Toba Bara Sejahtera Tbk has officially listing its share in Indonesia Stock Exchange.

The TOBA-coded coal company released 210.68 million shares or 10.5% of paid-in capital.

Toba Bara sets the price of stock listing at IDR1,900, making its way to earn IDR400.29 billion funds.

In the early days of bidding, the company has set the bidding price in range of IDR1,850 - IDR2,400. Therefore, the pricing of IDR1,900 is in the low range.

It shares rose to 15.79% in early trading session and reached IDR2,200.

The company, which is chaired by Justarina Naiborhu, will use 15% of the fund to settle loan facility to BNP Paribas, 50% for mining capital expenditure, and 35% for acquisition of mining concession and/or working capital and exploration.

In the IPO, Toba Bara Sejahtera was assisted by three underwriters namely PT Mandiri Sekuritas, PT Morgan Stanley Asia Indonesia, and PT CLSA Indonesia. (T06/TW)

source: Bisnis Indonesia