New World Resources says plans IPO in Oct-Nov

...offering in London and Prague this autumn, its owner said on Monday.

"At the moment, we are working on a plan to enter the bourse so that the shares could be issued in October or November," Zdenek Bakala, a controlling shareholder in NWR, said in an online interview on the financial portal Patria, www.patria.cz

Bakala's statement narrows slightly the timeframe for a previously floated plan for the share issue.

Netherlands-based New World Resources B.V. is a holding company for four wholly-owned Czech companies in coal and coke mining, coal transport, and gas and energy industries.

"We are seriously considering an IPO in London. Logically, we are also thinking about Prague," said Bakala, a Czech holding 50 percent of RPG Industries, which owns 81 percent of NWR.

In March, Bakala said the plan was to float up to one-third of shares in NWR. The groups's biggest asset is OKD a.s., a coal mining company, which produced about 13.5 million tons of coal from its five mines last year.

OKD would be among the top stocks by size on the Prague bourse. The company, based in the eastern Czech city of Ostrava, posted a preliminary operating profit of 3.74 billion czech ($178 million) last year.