Around US$15 million, provided by Islamic Corporation for the Development of Private Sectors (ICT), will be allocated to KARK to fund up coal trading activities. Director Sudiro Andi Wiguna said the money is enough to lease three coal vessels for one month. (source)
Meanwhile, the other US$27 million will be allocated as general funding, provided by International Islamic Trade Finance Corporation (ITFC). As compensation, ITFC will acquire 10% stake in Manhattan Investama, 15% stake in KARK, and another 15% interest in KARK’s subsidiary PT Daya Mandiri Resources Indonesia.
KARK’s CFO, Heriman Setyabudi, said ITFC will become stand-by buyer if Daya Mandiri offers its shares to public next year. The IPO process is still ongoing, but yet to propose officially to the related authorities.
Daya Mandiri has planned to offer 30% stake to public by end 2011, but it seems the plan has been postponed. The company targets for Rp700 billion from the fundraising to acquire several coal mining rights as well as to buy transportation equipments.
Daya Mandiri is 70%-owned subsidiary of KARK. This company owns one coal mining concession in Tanah Bumbu Regency, Central Kalimantan through its subsidiary, CV Risna Karya Wardhana. The company's another subsidiary, PT Risna Samudera Indonesia, is engaged in sea transportation business.
KARK shares this year has been traded flat at Rp50 per share. At the price, this company has market cap value of Rp966 billion. (bintang@theindonesiatoday.com)
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