ID :
93087
Thu, 12/03/2009 - 18:17
Auther :
Shortlink :
https://www.oananews.org//node/93087
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KRAKATAU STEEL TO CONDUCT IPO IN SEPTEMBER 2010
Jakarta, Dec 3 (ANTARA) - State-owned steel producer PT Krakatau Steel (KS) has set itself a target to conduct an initial public offering (IPO) in September next year, KS President Director Fazwar Bujang said.
"We hope we can hold the IPO next year," Fazwar Bujang said on the sidelines of the signing of a Memorandum of Agreement (MoA) between KS and Pohang Iron and Steel Corporation on Wednesday.
He said that the previous arrangement regarding supporting IPO agencies such as financial adviser and underwriter, was no longer valid.
"We will conduct another selection of new financial adviser and underwriter. We will start it from the beginning again," he said.
The KS president director said that the volumes of shares that would be released to the public would remain the same as that initially planned, namely 20 percent.
Fazwar said he was optimistic that KS' IPO was being waited for by investors at the stocks exchange market.
The Initial Public Offering of the state-owned company has gained permit from the Ministry of State Enterprises (BUMN) as the authorized share-holder of state firms. It has also been approved by the House of Representatives (DPR).
Actually, PT Krakatau Steel has received the green light to float its shares to the public since late 2008 but due to less favorable market conditions since then, the IPO of the state steel producer firm was delayed.
With the selling of 20 percent of its stake, the company will get fresh funds amounting to Rp2 trillion.***
"We hope we can hold the IPO next year," Fazwar Bujang said on the sidelines of the signing of a Memorandum of Agreement (MoA) between KS and Pohang Iron and Steel Corporation on Wednesday.
He said that the previous arrangement regarding supporting IPO agencies such as financial adviser and underwriter, was no longer valid.
"We will conduct another selection of new financial adviser and underwriter. We will start it from the beginning again," he said.
The KS president director said that the volumes of shares that would be released to the public would remain the same as that initially planned, namely 20 percent.
Fazwar said he was optimistic that KS' IPO was being waited for by investors at the stocks exchange market.
The Initial Public Offering of the state-owned company has gained permit from the Ministry of State Enterprises (BUMN) as the authorized share-holder of state firms. It has also been approved by the House of Representatives (DPR).
Actually, PT Krakatau Steel has received the green light to float its shares to the public since late 2008 but due to less favorable market conditions since then, the IPO of the state steel producer firm was delayed.
With the selling of 20 percent of its stake, the company will get fresh funds amounting to Rp2 trillion.***
