Indosmelt delays IPO plan
Wednesday, March 4 2015 - 04:03 AM WIB
PT Indosmelt has delayed its initial public offering (IPO) plan this year to probably end of next year amid uncertainty over its planned copper cathode smelter, Bisnis Indonesia reported on Wednesday.
The paper quoted Indosmelt President Director Natsir Mansyur as saying that the company was still in the process of acquiring land for the planned smelter in Maros, South Sulawesi.
?We?re still (also) waiting for clarity over government support (for the smelter project). The IPO proceeds will be used to finance the smelter. Given the current condition, it (the IPO) is likely to be realized end of 2016,? he said.
Indosmelt plans to build a US$700 million copper cathode smelter with output capacity of 120,000 tons per annum. The company hopes to be able to obtain incentives from the government for the project. (*)