Bayan Delays IPO as Regulator Reviews Legal Cases, Daily Says

By Leony Aurora

July 29 (Bloomberg) -- PT Bayan Resources, an Indonesian coal producer, postponed an initial public offering for several days as the regulator reviewed legal cases against it, Investor Daily Indonesia said, citing Corporate Secretary Jenny Quantero.

The company expects to get approval from the capital market regulator this week, the newspaper said. Bayan initially planned to get consent by July 25 and offer the shares between July 29 and Aug. 1, it said.

PT Perkasa Inaka Kerta, a unit of Bayan, was ordered by a local government to stop operation in part of its area because of a lack of forestry permits, Isran Noor, acting regent of East Kutai area, where the mine is, said on July 26.

PT Porodisa Trading & Industrial, a logging company, claimed it was awarded areas that include 9,720 hectares of land held by Perkasa before the coal company got its license, according to the East Kutai regency.

To contact the reporter on this story: Leony Aurora in Jakarta at laurora@bloomberg.net