PLN Batam to launch IPO in 2014
Tuesday, December 24 2013 - 03:59 AM WIB
PT PLN Batam, a subsidiary of state-owned electricity company PT Perusahaan Listrik Negara (PLN), plans to launch an initial public offering (IPO) in the first quarter of 2014, according to State Minister of State-Owned Enterprises Dahlan Iskan.
?We hope the IPO of PLN Batam can be implemented in the first quarter of next year,? Dahlan said on Monday. The company has appointed Bahana Securities to be the underwriter for the planned IPO.
He said that the management team of PLN Batam has long made preparations for the IPO, but has been hampered by declining financial performance. ?The financial performance has recently improved so that it is expected to be able to proceed with the IPO plan,? he said, adding that the company initially planned to launch the IPO in 2012.
He said that the IPO would also be a good way to help the company improves good governance. (*)