IPO News Indonesia: Krakatau Bandar Samudera Plans to List in Q4-2018
Krakatau Bandar Samudera, a subsidiary of Indonesia's largest steel manufacturer Krakatau Steel, got the green light from shareholders to conduct an initial public offering (IPO) on the Indonesia Stock Exchange. Tonno Sapoetra, President Director of Krakatau Bandar Samudera, said the company plans to offer its shares to the public in November 2018.
Considering Krakatau Bandar Samudera is a state-controlled company, the green light came from Indonesia's Ministry of State Owned Enterprises. Earlier, the company had already indicated that it would offer a 20-30 percent stake to the public through the IPO.
Prior to the IPO, Krakatau Bandar Samudera will perform a couple of corporate actions. One of these actions is the acquisition of two logistics companies: (1) Wahana Sentana Baja, and (2) Perusahaan Bongkar Muat Multi Sentana Baja. Currently, both companies are owned by Yayasan Badan Pengelola Kesejahteraan Krakatau. These acquisitions will improve Krakatau Bandar Samudera's logistics business and should therefore attract more investors when it lists on the Indonesia Stock Exchange later this year.
Krakatau Bandar Samudera is the operator of the Cigading port in Banten on the western tip of Java. This port has the biggest dry bulk terminal in Indonesia with a capacity of 25 million tons. The port is particularly used for shipments of steel, cement, sugar, grains and fertilizers. In full-year 2017 a total of 16.7 million tons of cargo was loaded or unloaded at this port (stemming from 633 ships). Krakatau Bandar Samudera expects cargo at the port to rise by 14 percent to 20 million tons in 2018.
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