Monday, March 31, 2008
Indonesian Steelmaker Set to Launch IPO
Source: Antara News

Jakarta (ANTARA News/Asia Pulse) - Privatization of the state-owned steel maker PT Krakatau Steel (KS) scheduled later this year will be through initial public offering (IPO) rather than strategic sales, an official said.

Sales of 30% worth around Rp1 trillion (US$111 million) of the country's largest steel maker were originally scheduled for last year, but poor financial performance in 2006 resulted in the postponement of the plan.

The State Minister for State Enterprises, Sofyan Djalil, however, said that implementation of the IPO plan would depend on market conditions.