Tin plate maker PT Pelat Timah Nusantara Tbk (Latinusa), subsidiary of steel maker PT Krakatau Steel Tbk (KRAS), sets a capital expenditure (capex) of US$11 million or Rp100 billion this year.
Most of the capex will be used to accomplish revamping project. "We allocate US$10 million-US$11 million capex this year," said Latinusa Finance Director Erwin said as quoted by a local media today.
Latinusa will use proceed of initial public offering (IPO) which enabled it to snap up Rp164.02 billion. The revamping project is estimated to require US$16 million.
The company has picked consortium of Nippon Steel Engineering Co with members of PT Nippon Steel Construction Indonesia, Fuji Electric Asia Pacific Pte Ltd, and PT Sankyu Indonesia Internasional to hold the revamping project.
Disclosure: No position at the stock mentioned above.
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