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NEWS UPDATES Asean Affairs   26 November 2010

Lack of transparency in Indonesian IPO

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State Minister for State Enterprises Mustafa Abubakar has said that public communications were conducted poorly during PT Krakatau steel's recent initial public offering.

"We do realize that there was a lack of public communication about the IPO of Krakatau Steel (KS). We will learn from this and use this experience constructively for the next IPO," he said Friday as quoted by

He said he denied accusations that the government was "selling off" the state enterprise, saying that the lion's share of Krakatau Steel still belonged to the government, and that only a minority 20 percent had gone public.

Mustafa insisted the initial listing price of the stock of Rp 850 per share was in line with the company's market valuation.

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