PGN seeks IPO in Q4 2003

State gas distribution company PGN is seeking to conduct IPO in the fourth quarter of next year, and beside listing in the Jakarta Stock Exchange (JSX), the company also seeks listing in overseas capital market.

?We are doing necessary preparation to meet IPO target in October next year, and beside JSX, we are also seeking to be listed at overseas bourses such as in Singapore or Hong Kong,? said director of finance Joko Pramono in an interview Friday.

Joko, however, could not tell the percentage of shares to be floated. ?That will be up to the government as shareholder,? he said.

PGN had just sold 40 percent stakes in its subsidiary PT. Transgasindo to a consortium lead by Malaysian state oil company Petronas for US$ 187 million. Transgasindo runs pipeline network connecting Grissik in South Sumatra to Duri in Riau and in the process of constructing pipeline from Grissik to Singapore, which will start to flow gas in September next year.

PGN is also planning to build pipeline network that will connect South Sumatra to West Java, which is scheduled to be completed in 2005-2006. The company is also planning an ambitious 1,700-km pipeline network that would connect gas rich province is East Kalimantan to West Java via East Java. (godang)

PGN Financial Highlight (in million Rupiah)	2001	2000
Assets	4,316,599	3,316,163
Liabilities and Stockholder?s Equity	4,316,599	3,316,163
Revenue	2,780,268	2,780,268
Income Before Tax	437,408	24,824
Net Income	317,127	4,517
Source: PGN (US$=Rp9,000)