"Bahana Sekuritas won a competitive tender held early July."Jakarta (ANTARA News) - PT PLN Batam has named PT Bahana Sekuritas as the lead underwriter for its plan to launch initial public offering (IPO).
The subsidiary of state electricity company PLN plans to launch IPO on the Indonesian Stock Exchange in November.
"Bahana Sekuritas won a competitive tender held early July," PLN Batam`s president director Dadan Kurniadipura said here on Wednesday.
PLN Batam has also named financial advisers including Ernst & Young (EY), Biro Administrasi Efek (BAE), PT Datindo Entrycom, and public accountant Deloitte.
"Bahana and EY will study possibilities of the percentage of shares to be floated and fund we want to raise," Dadan said.
The fund from the share sales will be used to finance a number of projects in Batam estimated to cost up to Rp6 trillion in the next five years, he said.
The projects include a steam powered electric plant, a gas fired power plant, transmission systems with construction to start in 2013.
(Uu.AS/H-ASG/O001)
Editor: Priyambodo RH
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