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NEWS UPDATES Asean Affairs  9 November 2010

Legislators want to delay Krakatau IPO

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Legislators concerned about low share prices want to delay this week's initial public offering of state-owned Krakatau Steel.

"We are currently preparing a letter requesting the government approve a delay," said Azis Syamsudin, vice chairman of the House of Representatives's Commission III on Law and Human Rights, on Monday.

He said that the House committees overseeing legal affairs, state-owned business and finance would form a working group to investigate the IPO, which has been priced at Rp 850 (9 US cents) per share.

The group would start work after the House recess ends November 22 and continue even if the government proceeded to list Krakatau at the given price, Azis said.

Airlangga Hartanto, chairman of House Commission VI, which oversees state-owned businesses, said that legislators would meet with State-Owned Enterprises Minister Mustafa Abubakar after the recess.

"We will also invite PT Krakatau Steel's management team and a team of underwriters," he said.

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