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October 11, 2008


Adaro energy hopes to earn USD 800 million from IPO

ANTARA news reported that Indonesian energy company PT Adaro Energy may earn up to USD 800 million from an initial public offering its plans to launch in July 2008.

As per report PT Adaro Indonesia is planning to sell 31.7% of its shares, a company director A

Mr Andre Mamuaya director of PT Adaro said that PT Adaro Indonesia is planning to sell 31.7% of its shares. He said that the earnings from the IPO target are at least USD 500 million, but the result could go up to USD 800 million.

Mr Andre said part of the funds would be used to buy the 34% stake held by foreign investors in Adaro Indonesia making Adaro Energy as the sole owner of its subsidiary. It also plans to use USD 200 million of the funds to refinance debt to reduce its debts now totaling USD 750 million.

Adaro Energy has named PT Danatama Makmur as the underwriter for the IPO and UBS AG, Morgan Stanley and DBS Vickers Securities as international sales agents.