Dipasena names underwriters

JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) announced on Friday the appointment of Credit Suisse First Boston and state owned PT Danareksa Sekuritas to lead manage the initial public offering (IPO) of PT Dipasena Citra Darmaja.

IBRA said that Dipasena, one of several companies surrendered by the former owner of the now closed Bank BDNI to the agency as part of collaterals to repay the bank's huge debt to the government, was expected to carry out its IPO early next year.

"The IPO of PT Dipasena is an important part in the process of reviving the Indonesian economy," IBRA's deputy head Farid Harianto said.

Dipasena, one of the country's largest integrated shrimp producers, operates 24,000 shrimp ponds, each yielding on average 500 kilograms of shrimps per season. About 50 percent to 60 percent of the shrimps are exported to Japan while the remaining sold to Europe, the United States and other Asian countries.(03)