Factiva: "Indonesia’s PT Krakatau Steel will be offering the public an 18% shareholding in its tinplate subsidiary, PT Pelat Timah Nusantara (Latinusa), on 14 December, company sources confirmed. Another 2% of the tinplate maker will be offered to employees and the management.
State-owned Krakatau sold the majority 55% share in Latinusa on 11 November to a Japanese consortium for nearly $60m. As Steel Business Briefing previously reported, Nippon Steel will hold 35%, while Mitsui & Co will hold 10% and trading companies Metal One Corp and Nippon Steel Trading 5% each.
Last week, Nippon Steel said that the acquisition will enable it to strengthen its tinplate business in the growing Asian market. It also plans to supply more tin mill black plate to Latinusa.
PT Krakatau Steel will retain a 20.1% share in the tinplate company after the Indonesia stock exchange listing is completed. The offering period for the listing is scheduled as 7-8 December and PT Bahana Securities has been appointed underwriter for the offering. PT Baruna Inti Lestari will hold the remaining 4.9% share in Latinusa.
Latinusa is operating at 100,000-110,000 tonnes/year of its 130,000 t/y plant in Cilegon, West Java. Nippon Steel plans to lift the production capacity to 160,000 t/y but details of the expansion schedule have not been finalised"
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