PLN Batam delays IPO plan
Thursday, September 27 2012 - 02:17 AM WIB
PT PLN Batam a subsidiary of state owned electricity company PLN, has decided to delay its initial public offering (IPO) plan until next year due to a technical problem at the company?s power generator, Investor Daily reported on Thursday.
PLN Batam?s President Director Dadan Koeniadipura said in Jakarta on Wednesday that the IPO was delayed to ensure that the technical problems would not discourage investors to buy the company?s shares.
?We hope we can launch the IPO in 2013,? he added.
PLN Batam has named financial advisor and underwriters to support the IPO plan. In July, the company appointed PT Bahana Securities as a lead underwriter and PT BNI Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas as co-underwriters.
PLN Batam has also named Ernst & Young as a financial advisor, PT Datindo Entryeom for securities administration and Deloitte as its public accountant. (*)