60% Stake in KS to be Sold

The government's stake in steel maker PT Krakatau Steel (KS) is going to be reduced to 40% if maximum 60% stake in the state-owned steel enterprise is divested through strategic sale and initial public offering schemes.
The Privatization Committee decides up to 60% shares of KS can be privatized, making the government hold only minority shares. The government's stake in KS can be further reduced if KS issues new shares through IPO [initial public offering].