PGN IPO delayed to December

PGN IPO delayed to December

JAKARTA: Indonesia said it will delay a plan to sell a 30 percent
stake of state-owned PT Perusahaan Gas Negara (PGN) to the second
week of December from Nov. 21 initially scheduled, a senior
government official said.

The government needs more time to prepare for the IPO and seek
approval from parliament, Aloysius K. Ro, an official at the
state enterprises ministry, said late on Thursday.

He said the government will kick off the IPO roadshow early
next month, visiting several cities in Asia, Europe and America.

PGN has said it will sell up to an additional 15 percent stake
if the 30 percent stake IPO is oversubscribed.

The government, which owns 100 percent of the gas utility, has
named state-owned PT Danareksa Sekuritas, CSFB, and ABN Amro Asia
Securities as joint lead underwriters for the IPO.

PGN said its revenue this year is expected to rise to Rp 8.425
trillion (US$997.63 million), from Rp 4.273 trillion in 2002 due
to higher gas sales. --DJ