Feb 16, 2011

Semen Baturaja set for Rp1 trio IPO

Ministry of State-Owned Enterprises (MSOE) aims to privatize 35% shareholding in cement maker PT Semen Baturaja via initial public offering (IPO) in the third quarter of this year. The IPO is targeted to reach more than Rp1 trillion.
"We hope Privatization Committee at MSOE will approve the IPO in this quarter and we expect Semen Baturaja will get approval from House of Representative in the second quarter," said Pandu Djajanto, Deputy Restructuring and Privatization at MSOE said today.
Semen Baturaja plans to jack up production capacity to 1.5 million tons-2 million tons annually from 1.2 million tons.
Following Semen Baturaja IPO, MSOE is also planning to divest shareholding in two state-owned contractors PT Waskita Karya and PT Hutama Karya in 3Q with a target proceed of up to Rp1 trillion. The ministry is also planning to set up IPO of two or three operating companies under agriculture holding in the second half of this year.
Three SOEs will be disposed via strategic sale. MSOE plans to sell 100% shareholding in PT Sarana Karya, up to 52.79% shareholding in PT Primissima, and 40.8% shareholding in PT Kertas Padalarang.
Pandu said PT Timah Tbk (TINS) and PT Wijaya Karya Tbk (WIKA) are interested to acquire PT Sarana Karya.

Disclosure: No position at the stock mentioned above.  

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