State-owned Semen Baturaja plans to float shares on the Indonesian Stock Exchange in November, according to president director Pamudji Rahardjo.
Speaking to the Jakarta Globe, Mr Rahardjo said: “Our target for the initial public offering (IPO) date is October, so the shares can be listed in November.”
He reiterated that the company’s target is to raise IDR1.2trn (US$128m) from the IPO. “We, however, are still considering the amount of shares to be offered to the public, whether we stick with 35 per cent [as previously planned] or not.” A government-appointed privatisation team had previously agreed a 35 per cent stake sale in Baturaja.
Semen Baturaja will use the capital from the IPO to finance its expansion, to meet increasing demand for cement in the country. This year, it expects its output to reach 1.27Mt, of which 39.2 per cent was produced in the first five months of 2012.
