"Basically, our needs are now still adequate."Jakarta (ANTARA News) - The cement factory PT Semen Baturaja planned to list its primary shares at the Indonesian Foreign Exchange early in November this year, and bidding of Baturaja cement shares will be in October 2012.
President Director of Semen Baturaja Pamudji Rahardjo said the company will be bidding 35 percent of its primary shares for a total of Rp1 trillion.
"But the exact amount would still have to be calculated. In essence, we are still using data for state owned enterprises, namely 35 percent," he said in Jakarta Thursday.
Pamudji said the use of IPO funds to boost installed production capacity from 1.2 million tons of cement per year to 2 million tons per year by the end of this year following the building of a cement mill and cement packing plant in Baturaja and a new factory with an installed capacity of 1.5 million tons cement per year up the end of 2015.
"Basically, our needs are now still adequate, and the money is to be used next year," he said.
The privatization process is already completed at the State Company Ministry. Then this corporate action will be brought to the House of Representatives for approval, and later a Presidential Regulation is expected to be issued.
In the meantime Deputy State Enterprises Minister for Restructurization and Strategic Planning Pandu Djayanto said the government has appointed PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas as underwriters. "We have chosen Bahana as the lead underwriter of Semen Baturaja," Pandu said.