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Krakatau Steel spends 28.14% of IPO proceeds

JAKARTA: From the total IDR2.59 trillion raised at Initial Public Offering (IPO), PT Krakatau Steel Tbk has spent 28.14% or IDR729.68 billion as per June 2011.Based on companys report to Indonesia Stock Exchange, 86% or IDR627.51 billion of the total

JAKARTA: From the total IDR2.59 trillion raised at Initial Public Offering (IPO), PT Krakatau Steel Tbk has spent 28.14% or IDR729.68 billion as per June 2011.Based on companys report to Indonesia Stock Exchange, 86% or IDR627.51 billion of the total realized fund was used as working capital and the other IDR102.14 billion was used to complete the construction of a joint venture plant with Posco.The remaining IDR1.86 trillion IPO proceeds is now deposited at a number of banks, including PT Bank Mandiri Tbk, PT Bank Negara Indonesia Tbk, PT Bank Danamon Indonesia Tbk, PT BPD Jabar dan Banten Tbk, and PT Bank Syariah Mandiri.As written on its prospectus, 35.8% or IDR928.29 billion will be used for modernizing and expanding hot strip mill whereas IDR388.95 billion or 15% is used adding capital of its subsidiary. (T05/NOM)

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