Selection test for PGN?s underwriters repeated

The test for the selection of securities companies which will underwrite the initial public offering of state owned gas distribution company PT Perusahaan Gas Negara?s shares has been repeated, Bisnis Indonesia reported on Wednesday.

The ?beauty contest? held at the office of state minister for supervision of state enterprises recently has shortlisted four securities companies as the strongest candidates to be elected as the lead underwriter of PGN?s IPO with ABN Amro being rank in the first place, followed by Merrill Lynch, JP Morgan, Credit Suisse First Boston (CSFB) and Citigroup.

The ranks of securities companies shortlisted changed significantly in the second selection test from those made in the first selection which was held in Bandung early in June. At the first test, CSBF won the first slot of shortlisted companies, followed by Morgan in the second place, Merrill Lynch in the third, ABN Amron in the fourth and Citigroup in the fifth. Danareksa Sekuritas remains as the underwriter for the local sales of PGN?s shares. (*)