Amman Mineral Records Indonesia's Biggest IPO This Year
Translator
Editor
7 July 2023 22:55 WIB
TEMPO.CO, Jakarta - Indonesian mining company Amman Mineral Internasional (AMMN) opened its debut trading session at the Indonesia Stock Exchange on a high note, making it the biggest IPO so far this year. The company accumulated USD 709 million from its initial public offering from July 3 to July 5, 2023.
IDX Director of Listing I Gede Nyoman Yetna, expressed his appreciation for Amman Mineral's success in IPO preparation, and "For delivering the biggest prost for any company this year," said Yetna in his remarks in IDX Main Hall, South Jakarta on Friday, July 7, 2023.
Amman President Alexander Ramlie said that the company's IPO is intended to support business development and accelerate its copper cathode smelter project. "Worldwide copper demand will continue to rise," he said.
Alexander claimed that copper is a crucial commodity in a global transition to renewable energy. "However, copper supply will decrease if no new smelter operates," he added.
Amman Mineral released IDR 6.32 billion or equivalent to 8.8% of its shares to the public and offered IDR 1,695 per share.
The IPO will be used to fund several of the company's projects. First, the company will inject IDR 1.79 trillion into its subsidiary Amman Mineral Industri to fund the smelter project it sets to develop in West Sumbawa, West Nusa Tenggara. The IPO will also repay the IDR 3.05 trillion debt to Amman Mineral Nusa Tenggara.
Lastly, the remaining capital will be injected into AMNT to fund their expansion project on a concentrator factory and a combined-cycle power plant also in West Sumbawa, West Nusa Tenggara
AMELIA RAHIMA SARI
Editor's Choice: Jokowi Departs for NTB Today to Monitor Amman Mineral Smelter Project
Click here to get the latest news updates from Tempo on Google News
