PLN?s subsidiary to launch IPO next year
Tuesday, September 27 2011 - 02:27 AM WIB
PT Prima Layanan Nasional Enjiniring, a consruction and engineering company owned by state electricity company PLN, plans to sell about 20 percent of the company?s new shares during an initial public offering (IPO) next year.
PLN?s president director Dahlan Iskan said in Jakarta on Monday that PLN?s subsidiary expected to raise up to Rp 250 billion during the IPO which was now under preparation. ?If it is possible, we will launch the IPO in the first quarter of next year,? he said
PLN planned to sell about 20 percent of its subsidiary?s shares during the IPO. ?But we still need approval from the government, especially related to the amount of the shares to be sold to the public.
Dahlan said that the company had named Mandiri Securities as the lead underwriter of the IPO. Proceeds from the IPO will be used to strengthen the subsidiary?s capital structure and to finance construction of PLN?s new power plants. (*)