Coordinators of PT Timah share offering named
Coordinators of PT Timah share offering named
JAKARTA (JP): The government has appointed British investment bank Barclays Zoette Wedd as the global coordinator for the initial public offering (IPO) of the state-owned tin mining company PT Tambang Timah.
Agus Haryanto, a spokesman for the ministry of finance, said yesterday that the bank was selected after winning a "beauty contest" held late last month.
"Seven international banks were invited to take part in the selection contest and Barclays Zoette Wedd came out as the winner," he said.
He said that PT Niaga Securities, an affiliate of the publicly-listed Bank Niaga, and PT Pentasena Securities, controlled by Siti Hediati, one of President Soeharto's daughters, had been appointed as the coordinators of the sale of Tambang Timah's shares on the domestic market.
The government plans to list Tambang Timah and the state-owned PT Telekomunikasi Indonesia (Telkom) on both the domestic and overseas capital markets by the end of this year.
Tambang Timah will be listed on the Jakarta and London stock exchanges, while Telkom will be traded on the Jakarta, London and New York stock exchanges.
The two firms will be, respectively, the second and third state-owned companies to be listed on overseas markets after PT Indosat, which made a successful debut on the New York Stock Exchange last October.
The global coordinators for the sale of Telkom's shares include three U.S. investment banks -- Merrill Lynch, Goldman Sachs and Lehman -- and Warburg of Britain. Four local securities companies -- state-owned PT Danareksa, PT Makindo, PT Bahana and PT Jardine Flemming Nusantara -- have been selected as coordinators for the sale of Telkom's shares on the domestic market.
Minister of Finance Mar'ie Muhammad said on Monday that the planned IPOs of the state-owned companies would be similar in nature to that of Indosat.
Indosat, the provider of international telecommunications services, sold 35 percent of its shares to the public in the October float. Twenty-five percent of the shares sold were comprised of the government's equity while the other 10 percent were new shares. (hen)