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)