B2B firm to launch IPO

JAKARTA (JP): PT Global Jaringan Nusantara, the Indonesian unit of Hongkong-based B2B e-marketplace provider Global Sources plans to launch a domestic initial public offering (IP0) in October.

Company spokeswoman Tien Hartono said on Tuesday that Global Jaringan, which was established last year, needed fresh funds to boost its working capital.

"We're quite optimistic that we will be successful in our IPO," she told The Jakarta Post during a media briefing.

She didn't provide details of the IPO plan.

Tien said that the firm's business-to-business (B2B) operations had some 100,000 buyers all over the world as part of a network with Global Sources.

Currently, about 40 Indonesian producers of furniture products, handicrafts, textiles, footwear, leather, food and beverages had became members of the company's B2B e-marketplace, she added.

This includes Jakarta-based furniture-maker The Batavian, Yogyakarta-based handicraft-maker Batavia Connection and Cirebon- based rattan furniture producer CV Putra Mas.

Aside from B2B e-marketplace, the company, whose homepage address is at www.indonesiansources.com, also offers software solutions.(05)