Indonesia Power plans to launch IPO end-2001
Tuesday, January 23 2001 - 04:30 AM WIB
The state-owned electricity company PT Indonesia Power plans to launch an initial public offering (IPO) at the end of this year or end of 2002, company president Firdaus said.
Firdaus told reporters the realization of the IPO would depend on the capital market condition.
He said that Indonesia Power was currently making preparations for the IPO. He said that the company has appointed Kapitalindo as the financial advisor for the IPO process.
Firdaus said that Indonesia Power was expected to book a net profit of Rp 334 billion (US$1=Rp 9,400) compared to around Rp 300 billion last year.
He said that the proceeds from the IPO would help finance the development of new power generating units or the expansion of existing ones.
He said that PLN, the parent of Indonesia Power, has projected that by 2004, Indonesia Power could supply an additional of 9,000 MW of power supply to the Java-Bali area. (*)