Update COVID-19 in Indonesia: 365,240 confirmed infections, 12,617 deaths (19 October 2020)
19 October 2020 (closed)
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PTT Plc, a Thailand-based energy company which conducts coal mining activities in Sebuku, Jambayan and Laung (all on the island of Kalimantan), is planning to list its subsidiary, Sakari Resources, on the Indonesia Stock Exchange through an initial public offering (IPO). PTT Plc has been active in Indonesia's mining sector since 2008 when it acquired a 94 percent stake in (Singapore-listed) Sakari Resources. After the acquisition, Sakari Resources delisted from the Singapore Stock Exchange.
Previously, PTT Plc already intended to list Sakari Resources on the Indonesia Stock Exchange. However, as the global coal price declined significantly in recent years, the company postponed this corporate action. An official of the company said that Sakari Resources will be listed after the global coal price will surpass the level of USD $90 per ton. Currently, the coal price hovers around USD $75 per ton. Increased coal demand from China, India and Japan may push the coal price up to USD $80 per ton by the end of 2014.
Sakari Resources is expected to produce about 8 to 10 million tons of coal in 2014, down from 11 million tons in 2013.