UT has no plan to list Pamapersada in 2003
Thursday, December 19 2002 - 05:46 AM WIB
JSX-listed heavy equipment maker PT. United Tractors Tbk (UT) has no plan to put its fully owned mining contractor PT Pamapersada Nusantara on stock exchange in 2003, UT president director Hagianto Kumala told Petromindo.Com.
?Year 2003 is not a good time for Pamapersada and other mining firms to go public,? Hagianto said recently.
Hagianto pointed to what had happened with state coalminer PT Bukit Asam, saying that its initial public offering (IPO) had attracted few buyers.
Parmapersada postponed to hold IPO this year due to unfavorable market condition.
Hagianto said his company still focused on debt restructuring negotiation with its lenders.
Pamapersada is Indonesia?s largest coal mining contractor with PT Adaro Indonesia, and Indominco Mandiri as major clients.
The company has contributed an average of 42 percent to UT?s annual revenues. (robert)