Indonesia Sets State Gas Firm IPO Price Range

Jakarta, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
Indonesia has set the indicative flotation price for state-owned gas firm PT Perusahaan Gas Negara (PGN) at 1,300-2,100 rupiah ($0.15-0.25) per share, a minister said on Thursday. The price range would translate into a sale worth up to $417 million, according to a Reuters calculation. The shares are scheduled to list on the Jakarta Stock Exchange and the Surabaya Stock Exchange on December 15. "It is difficult to set a price for PGN because we have yet to have a benchmark in Indonesia. Therefore we take the benchmark from Korea Gas Corp and set the indicative price at 1,300-2,100 rupiah," state enterprises minister Laksamana Sukardi said in a presentation.