Krakatau have interest to but Texmaco

PT Krakatau Steel expressed its interest to acquire the credit assets of Texmaco Group which would be sold by the Asset Management Compnay (PPA).
President Director of Krakatau Steel Fazwar Bujang said the acquisition of Texmaco Group credit assets will be done jointly with the strategic state enterprises consortium.
"We will form a consortium with strategic state enterprises. The asset acquisition will be done partially so the involved state firms in the consortium could buy the required assets," he said last week.
PPA has decided to sell the credit asset of Texmaco in one package without separating the engineering division from textile division. Texmaco engineering division has US$1.48 billion debt to PPA and textile divisioin US$833.93 million.
PPA still recorded the companies interested in the acquisition of the assets owned by the former owner, Marimutu Sinivasan.
Fazwar also said the company still schedules the IPO after two years suspension from the former plan. But he ensured the government remains the major shareholder of Krakatau.
"The fund generated from IPO will be allotted for expansion. We currently still have undisbursed IDR3 trillion loan commitment from finance institution plus the IPO fund which could be allotted for expansion."
He ensured not to sell two subsidiary firms, PT Pelat Timah Nusantara (Latinusa) and PT KHI, through IPO.
Latinusa targets to increase the fund raked from the IPO of 30 percent stakes as from IDR400-500 billion.
Next year, KHI Pipe will hit the capital market.
Now Latinusa has proposed all IPO requirements handed in the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK).
"We will have road show and public expose in third week of November and expected to sell the shares to bourse by end of November. So far, Bapepam-LK has confirmed the IPO proposal we submitted," he said.