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15 May 2010

State steel maker sets aside 30% of shares for IPO

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State-owned steel maker PT Krakatau Steel has decided to sell 30 percent of its shares through an initial public offering (IPO) with 20 percent of them to be issued in the third quarter of 2010, reported state news agency Antara.

"The number of shares to be issued in the first phase will be 20 percent. The rest will depend on the company’s needs," State Enterprises Minister Mustafa Abubakar said here on Friday.

The decision to sell 30 percent of the company`s shares was made at a meeting of its boards of directors and commissioners this week, he said.

The meeting also agreed to appoint PT Danareksa Sekuritas, PT Bahana Sekuritas, and PT Mandiri Sekuritas as stock issue underwriters, he said.

"Krakatau Steel has officially appointed the three state-owned securities companies as stock issue underwriters," he said.

Krakatau Steel planned to sell shares through IPO in 2008. But it was only in 2010 the plan materialized after it was approved by the State Enterprises Ministry and the House of Representatives, he said.

The company expects to raise US$600 million in funds from the IPO.

The company has set itself the target of posting Rp1.2 trillion in net profit this year compared to Rp459 billion last year.


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