Indonesian Rekayasa delays IPO
Alexander Richter
18 Jan 2009
Recently reported by The Jakarta Post was the announcement of Indonesian state-owned engineering, procurement and construction company Rekayasa (PT Rekayasa Industri) that it would delay its plans to go public in 2009 and instead seek loans from state banks to finance its expansion.
Recently reported by The Jakarta Post was the announcement of Indonesian state-owned engineering, procurement and construction company Rekayasa (PT Rekayasa Industri) that it would delay its plans to go public in 2009 and instead seek loans from state banks to finance its expansion.
The plan to go public was aimed at seeking about Rp 400 billion (US$ 35.6 million) in funds needed for expansion. State banks have shown interest in financing the company’s projects, stated by the company. The company runs businesses in gas, geothermal, refineries, petrochemicals, mining, the environmental sector, and infrastructure. In the geothermal sector the company names a dozen projects in its credentials, in construction, engineering etc. for a variety of project owners mostly in Indonesia, but also in Singapore.
Rekayasa is a subsidiary of PT Pupuk Sriwijaya (Pusri), Indonesia’s largest fertilizer producer with a stake of about 90%. Another 5% are owned by the government and about 5% by state fertilizer company PT Pupuk Kaltim.
Source: The Jakarta Post
