Latinusa Sets Indicative Price For IPO At IDR315-IDR405/Share
JAKARTA -(Dow Jones)- Integrated tinplate producer PT Pelat Timah Nusantara,
or Latinusa, has set an indicative price range of between IDR315 and IDR405 a
share for its initial public offering, a company executive told reporters
Thursday.
Unlisted state-owned steel maker PT Krakatau Steel, which is the biggest
shareholder in Latinusa with an around 90% share, is planning to sell a 20%
stake in the company to the public on Dec. 7 and Dec. 8.
"Prior to the IPO, we will hold a book building from Nov. 19 to Nov. 30.,"
Latinusa President Director Ardhiman T.A. said.
He said that the shares will be listed on the Indonesia Stock Exchange on Dec.
18.
Latinusa has previously said in a prospectus that in conjunction with the IPO,
Nippon Steel Consortium has signed an agreement to buy a 55% stake in Latinusa
for $59.95 million from Krakatau Steel.
According to the prospectus, the Nippon Steel Consortium groups Nippon Steel
Corp., Mitsui Co. Ltd., Nippon Steel Trading Co. and Metal Ore Corporation.
After the IPO and stake purchase, Krakatau Steel will own a 20.10% stake in
Latinusa. Meanwhile, Nippon Steel Corp. will own 35%, Mitsui Co. will own 10%,
Nippon Steel Trading 5%, Metal Ore 5%, the public 20% and private company PT
Baruna Inti Lestari 4.9%, the prospectus said.
-By Linda Silaen; Dow Jones Newswires; 62 21 3983 1277; edhi.pranasidhi@
dowjones.com
(END) Dow Jones Newswires
11-19-090031ET
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