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INITIAL PUBLIC OFFERING (IPO) - JAKARTA. Indonesia's copper and gold miner PT Amman Mineral Nusa Tenggara is preparing to launch an initial public offerings, although the company has not decide on the timing yet, the chief executive of its parent company said on Tuesday.
"The timing of the IPO will be very much decided by the market condition," said Hilmi Panigoro, chief executive of PT Medco Energi Internasional, which controls Amman Mineral.
"We are preparing for it, but at the moment Amman has not decided when it will do an IPO," said Hilmi.
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Once market conditions are "conducive", the company will decide on the timing, he told a virtual media briefing. He did not disclose any further details on the plan.
Amman Mineral operates the Batu Hijau copper and gold mine in Indonesia's West Nusa Tenggara province.
Hilmi told the briefing banks for the IPO had not been hired yet.
Separately, Refinitiv's IFR reported last year JP Morgan and UBS had been hired for a potential $500 million to $600 million IPO, citing people with knowledge of the transaction.
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