Salim's Boss Big Plan Behind Amman Mineral's IPO

By Editorial Team 11/05/2023
IPO business process
Summary

Anthony Salim, the boss of Salim Group, now owns stakes in PT Amman Mineral Internasional, PT Amman Mineral Nusa Tenggara's (Newmont Nusa Tenggara) parent company, which is apparent from the former's improved stake in the latter, and several members of its board of directors.

Reportedly, Anthony Salim will also increase its stake in the company following Amman Mineral Internasional's plan to conduct an initial public offering (IPO) this year.

Amman Mineral International's IPO is part of the plan to raise US$3 billion to finance the development of the Batu Hijau mine and the construction of a copper smelter. "The smelter construction requires US$1 billion and then US$1.6 billion specifically for the processing plant," said Amman Mineral Internasional president director Alexander Ramlie in a press conference on Tuesday.

The rest of the proceeds will finance gas-powered power plants replacing existing coal and diesel-fired power plants powering these projects.

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