REPUBLIKA.CO.ID, BATAM - Subsidiary of state owned electricity company, PT PLN Batam delayed its initial public offering process in fourth quarter of 2014 due to national economic condition was not stable this year. Operation Director of PT PLN, M Tagor Sidjabat said that company so far has been doing some preparations to list its shares.
"We reschedule the IPO process to make improvement in quality performance before we list in capital market," Sidjabat said recently.
Company appointed PT Bahana Securities as underwriter. PLN Batam plans to use IPO proceeds for business development, including building its own power stations. One is Tanjung Uncang power plant with capacity of 190 Megawatt (MW) in 2014 and Batam power plant with capacity of 2x100 MW in 2015 and 2016.
Sidjabat said that the company considered two alternatives in Indonesia Stock Exchange (IDX) or Singapore Stock Exchange (SES). Singapore's capital market is one option caused the country familiar with Batam area. However, PLN Batam remains to prioritize national capital market.
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