Nov 5, 2010

3 Steel makers to get 15% stake in KS

Three steel makers Pohang Steel and Iron Corporation (Posco), Nippon Steel, and Metal One is rumored to obtain stocks of PT Krakatau Steel Tbk (KS) worth US$45 million or equal to 15% stake.
A source at one of Krakatau Steel IPO underwriters, as reported by a local newspaper, said three foreign steel producers estimated to obtain 15% stake of the total IPO of 3.15 billion shares or Rp2.66 trillion.  
Politician Drajad Wibowo from Partai Amanat Nasional said Posco and Nippon Steel is estimated to get around 7% stake in KS.
Bahana Securities President Director Eko Yuliantoro said about 1.1 billion shares of the IPO are allocated to foreign investors or 35% of the total IPO. The allocation will be distributed to around 10-12 foreign investors.

Disclosure: No position at the stock mentioned above. 

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