PT Pelat Timah Nusantara has appointed PT Bahana Securities as the underwriter on the IPO for 20-30 percent shares. President Director of Krakatau Steel Fazwar Bujang said the IPO plans of Latinusa should wait for the green light from the shareholders and better financial market condition.
"We still wait for the green light of the shareholders to continue the scheme. We continue to monitor the market condition so as to have maximum result of the Latinusa 20-30 percent shares IPO," he said last night adding that the corporate action is scheduled in quarter IV/2009.
Latinusa which was established on 19 August 1982, was formerly a joint venture of PT Krakatau Steel, PT Tambang Timah dan PT Nusantara Ampera Bhakti, and now only PT Krakatau Steel and PT Nusantara Ampera Bhakti possess the company.
Last year, Latinusa shareholder, Krakatau Steel, planned to sell 10 percent LAtinusa shares to the new strategic investor prior to the IPO of 33 percent shares.
The largest steel producer in Japan, Nippon Steel Co Ltd, and South Korean steel producer, Pohang Steel Co (Posco), expressed their interest to acquire Latinusa shares in addition to the Australian firm which plans to become Latinusa strategic partner.
Latinusa has production capacity of 130,000 tons per year of steel roll and sheet with the 90 percent major quality and 10 percent non quality production could be used for the food critical and general can ( non critical) for domestic and export markets.
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