Adaro's Steps to Grow Coking Coal Business

By Editorial Team 10/12/2021
Coal Mining
Summary

PT Adaro Energy Tbk (ADRO) will expand the coking coal business managed by its subsidiary, PT Adaro Minerals Indonesia. The company seeks Rp 600 billion to Rp 760 in billion fresh funds from the capital market through an initial public offering. Febriati Nadira, Head of Corporate Communications for Adaro Energy, said Adaro Minerals is confident with its IPO plan as the only producer of hard cooking coal in Indonesia,

"Coking coal or metallurgical coal is a raw material in steel making. We believe that the prospect of metallurgical coal will remain positive in line with economic growth and increasing demand for steel," Nadira said on Thursday.

The ADMR stock-coded company offers 6.05 billion shares at Rp 100-Rp 125 per share. "The amount of funds that can be obtained is between Rp 600 billion-Rp 760 billion. However, the final value will only be known after the book building," Nadira said.

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