Three subsidiaries of Indonesia's Karakato Steel to be listed
2019-07-30 17:14:02 [Print]
Indonesian state-owned steel producer PT Krakatau Steel plans to publicly list its three subsidiaries, PT Krakatau Tirta Industri, PT Krakatau Bandar Samudera and PT Industrial Estate, as part of its major restructuring.
Silmy Karim, president of Karakato Steel, said the company was still considering whether to optimize synergies before the initial public offering, or vice versa. He said the three subsidiaries would be listed in three years at the latest.
In addition to the public listing of its three subsidiaries, the company plans to spin off several other subsidiaries and focus on raising USD1 billion through the sale of non-core assets.
Karim said the company needed a strategic partner to help optimize its production line and expand its business and improve efficiency. Karakato Steel has spent most of this year concentrating on major restructuring to make up for losses suffered in the past six years.
PT Krakatau Steel Co., Ltd. was founded in the 1970s. It is the largest steel enterprise in Indonesia. Its steel production is concentrated in Cilegon, Banten. At present, the crude steel production capacity of Karakato is 4.65 million tons. The main products include hot-rolled coils, cold-rolled coils, bars and wires, and professional steel products for special industries can also be produced through joint ventures.
Silmy Karim, president of Karakato Steel, said the company was still considering whether to optimize synergies before the initial public offering, or vice versa. He said the three subsidiaries would be listed in three years at the latest.
In addition to the public listing of its three subsidiaries, the company plans to spin off several other subsidiaries and focus on raising USD1 billion through the sale of non-core assets.
Karim said the company needed a strategic partner to help optimize its production line and expand its business and improve efficiency. Karakato Steel has spent most of this year concentrating on major restructuring to make up for losses suffered in the past six years.
PT Krakatau Steel Co., Ltd. was founded in the 1970s. It is the largest steel enterprise in Indonesia. Its steel production is concentrated in Cilegon, Banten. At present, the crude steel production capacity of Karakato is 4.65 million tons. The main products include hot-rolled coils, cold-rolled coils, bars and wires, and professional steel products for special industries can also be produced through joint ventures.
