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September 2, 2008

Indonesia: Krakatau Steel IPO to be completed this year
Indonesian State Minister for State Enterprises Sofyan Djalil said the government would complete its initial public offering (IPO) of state steel producer Krakatau Steel's shares this year, reported local daily the Jakarta Post.

"This year is the best timing because we can get best steel prices," Sofyan was quoted by as saying in Surabaya.

With high steel prices, Sofyan said the government expected big returns from the IPO.

Initially, the government planned to sell some of its shares in Krakatau Steel to strategic investors. One of the biggest contenders was steel giant Accelor-Mittal.

The planned strategic sale, however, met strong opposition from the public as well as from politicians at the House of Representatives.

"The government does not anymore discuss the sales of shares to strategic partner," Sofyan said.

Sofyan added that the government would sell a total of 40 percent of shares in two stages, 20 percent each.

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