Posted on 29 Jan 2008
Minister of State Enterprises Sofyan Djalil said that 15 per cent of the shares of PT Krakatau Steel (KS), a steelmaker wholly owned by the state, will be offered to strategic investors after it launches an initial public offering (IPO).
Krakatau Steel will sell not more than 40 per cent of its shares through the two schemes - IPO and sales to strategic investor, Sofyan said. The IPO would soon be launched after the share market was stable, he said, adding that funds from the share sales would be used to expand the capacity of the country's largest steel maker.
The production capacity of the company would be expanded to 4 million tons from 2.2 million tons at present.
