The government reviews to sell a 20% stake in PT Krakatau Steel (KS) to strategic partner before it conducts initial public offering (IPO) scheduled to take place by the end of the year.
KS plans to offer 29% of its shares in the IPO, which aims to generate fresh funds to improve the capital structure of the state-owned steel manufacturer.
Data by Bisnis showed the 2006 prognosis report exposed KS in 2006 recorded IDR39.92 billion in loss on IDR12.31 trillion in total sales.
In the 2007 prognosis, KS was able to book IDR164 billion in post-tax profits on IDR12 trillion in total sales. KS in 2007 was projected to post IDR215 billion in post-tax profits on IDR15.6 trillion in total sales.
KS is the largest steel producer in Indonesia. In 2007, the state-owned steel market produced 1.8 million tons of HRC and 650,000 tons of CRC.
Tuesday, January 15, 2008
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