PLN delays IPO of Indonesia Power again

State electricity firm PT Perusahaan Listrik Negara (PLN) has confirmed its decision to delay the initial public offering (IPO) of its subsidiary, PT Indonesia Power (IP), which is initially scheduled this year to prevent the possible increase in electricity floor price, Bisnis Indonesia reported Thursday.

 

PLN’s president director Eddie Widiono said in Jakarta Wednesday that the planned of IPO would continue after the project to provide additional power supply of 10,000 MW under the government’s fast track program has been completed.

 

Earlier, PLN planned to sell between five and 10 percent shares in IP through IPO in February 2007 to raise the funds of Rp5 trillion. (US$=Rp.9,200)(*)