KS Plan to Listing at IDX on September 2008

KS Plan to Listing at IDX on September 2008

State Minister for State Enterprises Sofyan Djalil had decide PT Krakatau Steel (KS) privatisation through new share initial public offering (IPO) at the latest on September 2008 to get IDR 2,05 trillion.

Though KS share would be sell in stock exchange but selling option through strategic sale still open for any party who has an interest to purchase the share.

Sofyan said KS share that would be divest about 5%, but government will prepare additional share for divestment maximum 40%.

Privatisation committee had plan to allow maximum 60% KS privatisation through IPO or strategic sale.

KS management propose 20% new share IPO plan to earn IDR 2,05 trillion fresh fund. the fund are part of total budget which will be use to finance IDR 8,62 trillion KS business development plan. Lack of fund, about IDR 5,22 trillion, will be fulfill through loan.

KS President Director Fazwar Bujang said the management will prepare the IPO in accordance with normal process. The latest financial audit will take 2 month to consolidate report from 10 subsidiaries, submit the document to Indonesia Capital Market and Financial Institution Supervisory Agency (BAPEPAM-LK) that take 45-60 days and appointment of underwriter.

Sofyan explain KS privatisation plan has been overpolitize. beside government plan are to increase KS production capacity to 5 million ton in near future.

Meanwhile, Alexander Rusli, expert to State Minister for State Enterprises also a KS commissioner said there are 4 investors who has an interest on KS and government had inform them about the plan to held IPO.

The investor are Pohang Steel & Co (Posco) South Korea, Blue Scope Australia, ArcellorMittal and Tata Steel.

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