Indonesia Power plans overseas listing

Power company PT Indonesia Power, a subsidiary of the state-owned PLN, plans to offer and list its shares in overseas stock market amid weak market sentiment at home.

Marketing director Djuwarno said that the company was currently in the process of making necessary preparation of the initial public offering.

Speaking on the sidelines of a hearing session with the House of Representatives commission VIII on energy, he said that the proceeds from the IPO would be used to finance expansion projects particularly in the Java-Bali region.(Amoros)