PTPN III to use IPO proceeds for developing Sei Mengkei

JAKARTA: PT Perkebunan Nusantara (PTPN) III seeks fund from initial public offering (IPO) to settle long-term debts and finance part of special economic zone project in Sei Mengkei, North Sumatra, for IDR6 trillion.The IPO is expected to take place by the end of the year, said President Director Amri Siregar.It is considered as the right time for PTPN III to start listing in the stock market, making the state-owned plantation company more competitive globally.Proceeds from the IPO will be used to settle long-terms debts and finance Sei Mengkei development. The Sei Mengkei development will be an integrated project with railway and dry port, he explained today.PTPN III has invested IDR1.2 trillion in Sei Mengkei project. He thought it more difficult to get funds from bank than from the market.The IPO plan has received approval from Ministry of State-Owned Enterprises as the shareholder. The ministry recommends the plantation company to create a holding company before the IPO. (T04/NOM)

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