PGN may sell additional 15% stake more after IPO<\/p>\n
State-owned PT Perusahaan Gas Negara (PGN) plans to sell up to
\nan additional 15 percent stake, if its initial public offering of
\na 30 percent stake is oversubscribed, PGN's President WMP
\nSimanjuntak told reporters in Jakarta on Tuesday.<\/p>\n
PGN plans to hold the IPO between Nov. 12 and Nov. 14.<\/p>\n
"In total, we plan to sell up to a 45 percent stake of the
\ncompany," he said, adding the extra shares will be sold if the
\nIPO is oversubscribed.<\/p>\n
He didn't elaborate.<\/p>\n
The company said it will determine the offering price Nov. 5.<\/p>\n
The government, which owns 100% of the gas utility, has named
\nstate-owned PT Danareksa Sekuritas, CSFB and ABN Amro Asia
\nSecurities as joint lead underwriters for the IPO.<\/p>\n
Part of the proceeds from the IPO will be used to narrow the
\ngovernment's budget deficit, while the rest will be spent on
\nPGN's business expansion, Simanjuntak said without elaborating.<\/p>\n
PGN said its revenue this year is expected to rise to Rp 8.425
\ntrillion from Rp 4.273 trillion in 2002 due to higher gas sales.
\n-- Dow Jones<\/p>",
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