KS diverts IPO funds to build new steel plant
Bareksa • 28 Mar 2014
State-owned PT Krakatau Steel Tbk. president director Irvan Kamal Hakim (second left) chats with the company’s financial director, president commissioner and production director after a shareholders meeting in Jakarta on Thursday (JP/Nurhayati)
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.