PGN picks Danareksa IPO underwiter
Thursday, August 21 2003 - 09:45 AM WIB
State gas transmission and distribution Perusahaan Gas Negara (PGN) said on Thursday it had appointed a local underwriter to handle an initial public offering (IPO) that will help finance $1.8 billion in pipeline projects.
"We have appointed a local underwriter which is Danareksa. For the overseas underwriter, we have not decided yet," W.M.P. Simandjuntak, president of the company, told reporters.
Danareksa is a state-owned investment management company.
He said the company was still on schedule to launch the IPO in October.
Last month, Simandjuntak indicated the IPO could be a quarter of the company's total stock, worth between $200 million and $300 million.
He said on Thursday that possible foreign underwriters are Credit Suisse First Boston, Merrill Lynch, Morgan Stanley and ABN AMRO. (godang)