Elnusa set for IPO in February
Saturday, January 5 2008 - 01:23 AM WIB
PT Elnusa, a unit of state oil and gas company PT Pertamina, is set to sell 20 percent of its stake through an initial public offering (IPO) in February, its president director said on Friday.
The IPO was previously planned for December and a company source said in October the share sale could raise as much as US$100 million.
The firm will offer 1.46 billion shares between Jan. 25-29 and the listing on the Indonesia Stock Exchange will be on Feb. 4.
"The proceeds will be used for capital expenditure, business expansion, loan repayment and working capital," said Elnusa's president director, Eteng Salam.
The company's net profit increased by almost 30 percent to 105 billion rupiah in 2007 and it is aiming for 10 percent revenue growth this year from 2 trillion rupiah in 2007.
Elnusa, in which Pertamina has a 51.38 percent stake, has appointed Mandiri Sekuritas as underwriter.(*)