Latinusa raise up to IDR204 billion Rupiah from IPO

PT Pelat Timah Nusantara may raise as much as IDR204.4 billion rupiah selling a 20 percent stake in an initial offer next month. Latinusa, plans to sell 504.7 million shares at between IDR 315 rupiah and IDR405 each.

President Director Ardhiman T. Akanda said Most of the proceeds will be for capacity expansion, including revamping machinery and adding production units.

"The company's sales may gain next year to 120,000 metric tons, or about IDR1.8 trillion, from 90,000 tons, or IDR1.2 trillion rupiah, this year, Akanda said.

Nippon Steel Corp., the world's second-largest steelmaker, said on Nov. 11 the company and four other companies agreed to buy 55 percent of Latinusa shares from PT Krakatau Steel for $60
million.