Krakatau delays IPO of two subsidiaries

IDX-listed steel giant PT Krakatau Steel Tbk has decided to postpone a planned initial public offering (IPO) for two subsidiaries including port services firm PT Krakatau Bandar Samudera and PT Krakatau Industrial Estate Cilegon, Bisnis Indonesia reported Monday.

The paper quoted Krakatau Steel Finance Director Anggiasari Hindratmo as saying that the company decided to delay the IPO plans due to the lingering weak stock market condition.

Krakatau initially planned to launch the IPOs in the later part of this year to raise funds to help finance expansion programs. (*)