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KS diverts IPO funds to build new steel plant
Krakatau had utilized Rp 1.62 trillion or 62.54 percent of its IPO funds as of December last year
Bareksa•28 Maret 2014
Bareksa•28 Maret 2014
Krakatau had utilized Rp 1.62 trillion or 62.54 percent of its IPO funds as of December last year
The Jakarta Post - Publicly listed steel producer Krakatau Steel (KS) will divert the remaining proceeds from its initial public offering (IPO) in 2010 to build a new hot-strip mill as opposed to expanding the existing one, as initially planned.
KS president director Irvan Kamal Hakim said that a general shareholders’ meeting, held on Thursday, had approved the company’s proposal to use US$105.6 million of the IPO’s proceeds to finance the construction of the new mill.
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