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18782
Wed, 09/10/2008 - 11:26
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http://m.oananews.org//node/18782
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HOUSE COMMITTEE SIGNALS APPROVAL OF PT KRAKATAU STEEL'S PLAN FOR IPO
Jakarta, Sept 10 (ANTARA) - The privatization working committee of House Commission VI has signalled that it would agree to PT Krakatau Steel's plan to sell shares through an initial public offering (IPO).
"What is clear is that discussions at committee level has been completed. The plan will now be discussed by Commissions VI and XI and the result will be submitted to the leadership of the House of Representatives (DPR)," Commission VI chairman Totok Daryanto said here on Tuesday.
In the next two or three days there will be a final meeting so that the process will soon be completed, he said. "Hopefully no problem is arising during the deliberations so that the results could be submitted to the DPR speaker for use to issue an approval for the IPO," he said.
Totok said however that the committee had recommended the company to sell not more than 35 percent of its shares. "For prudential purposes we wish the shares which will be sold will be less than 35 percent," he said.
The office of the state minister for state-owned companies supported PT KS's IPO this year.
Based upon the result of an initial calculation, by selling 40 percent of its shares the company would collect Rp4 trillion to Rp5 trillion.
The company's president director, Fazwar Bujang, did not know when the decision for the IPO would be made, pending the result of discussions at the House leadership.
"God willing, everything will run as planned," he said.
He said he would not disclose the value of the IPO and the the underwriter. "I would not reveal the figures. Disclosing the underwriter would only affect the evaluation of the IPO valuation," he said.
He said the realization of the IPO would depend on the market condition. We hope it will rebound in October or November," he said.
It was known that the company had already named potential IPO supportes such as the underwriter, lawyer, appraisal agent, media relations and financial consultant.
State-owned securities companies like PT Danareksa Sekuritas, PT Bahana Sekuritas and Mandiri Sekuritas, are reported to be competing tightly for being nominated as underwriter.
Totok said it is no problem who will be the underwriter as it has fully been left to the company and the office of the minister for state-owned companies.
"What is clear is that discussions at committee level has been completed. The plan will now be discussed by Commissions VI and XI and the result will be submitted to the leadership of the House of Representatives (DPR)," Commission VI chairman Totok Daryanto said here on Tuesday.
In the next two or three days there will be a final meeting so that the process will soon be completed, he said. "Hopefully no problem is arising during the deliberations so that the results could be submitted to the DPR speaker for use to issue an approval for the IPO," he said.
Totok said however that the committee had recommended the company to sell not more than 35 percent of its shares. "For prudential purposes we wish the shares which will be sold will be less than 35 percent," he said.
The office of the state minister for state-owned companies supported PT KS's IPO this year.
Based upon the result of an initial calculation, by selling 40 percent of its shares the company would collect Rp4 trillion to Rp5 trillion.
The company's president director, Fazwar Bujang, did not know when the decision for the IPO would be made, pending the result of discussions at the House leadership.
"God willing, everything will run as planned," he said.
He said he would not disclose the value of the IPO and the the underwriter. "I would not reveal the figures. Disclosing the underwriter would only affect the evaluation of the IPO valuation," he said.
He said the realization of the IPO would depend on the market condition. We hope it will rebound in October or November," he said.
It was known that the company had already named potential IPO supportes such as the underwriter, lawyer, appraisal agent, media relations and financial consultant.
State-owned securities companies like PT Danareksa Sekuritas, PT Bahana Sekuritas and Mandiri Sekuritas, are reported to be competing tightly for being nominated as underwriter.
Totok said it is no problem who will be the underwriter as it has fully been left to the company and the office of the minister for state-owned companies.
