Krakatau Steel Prefer Joint Venture with Mittal

Krakatau Steel Prefer Joint Venture with Mittal

PT Krakatau Steel (KS) prefer Mittal to invest in the form of joint venture to build new steel factory out of cilegon.

Fazwar Bujang President Director KS (04/22) said we hope new investment, if only build through strategic sales, its limited segment to develop. But it will be more benefit if start new plant, so in the future Indonesia will have two steel center namely Cilegon and Kalimantan.

Fazwar further elaborate that on Mittal offer, KS will follow State Minister on State Own Company decision as a shareholder and government and parliament (DPR) representative who have an authority to approve the privatisation.

But KS gave an affirmation that in Company Budget Work Plan (RKAP) 2008, it had prepare that the privatisation will be through initial public offering (IPO) in two phases. phases. first, 20% of share will be offer with gain estimation IDR 2 trillion. the second phase, also 20%, KS the gain will be more as an effect of share price rise from first IPO.

KS not prepare study on strategic sales cause from the beginning KS had in mind that IPO is the best method.

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