The Jakarta Globe reported that Karunia Bara Perkasa, a company owned by Indonesian tycoon Kiki Barki, plans to sell a 7.4% interest in coal miner Harum Energy.

Finance Asia reported on Tuesday, quoting a source reported that Karunia, which currently controls a 70.3% stake in Harum Energy, offered 200 million shares at a price between IDR 6,000 and IDR 6,100. This would translate into an offering of about IDR 1.2 trillion (USD 125 million).

An Investor Daily source confirmed the report, saying that Karunia Bara aims to sell the shares via private placement, or share sales to designated investors.

Harum corporate secretary Mr Alexandra Mira denied confirmation of the share sale, saying that “We still don’t know [about the share sale]. We have not yet received confirmation or a written report. We are unable to comment further as it involves other parties.”

Harum Energy is part of Tanito Harum Group. Lawrence Barki, the son of Kiki Barki, is listed as the company’s president commissioner.

Harum Energy is one of the top thermal coal producers in Indonesia, with operations in East Kalimantan. The group owns a combined area of 47,000 hectares and sells coal to buyers from Asian countries under both multi-year and spot contracts.

Source - The Jakarta Globe

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