The Jakarta Post reported that state cement producer PT Semen Baturaja will float up to 35% of its shares on the local stock exchange in the second half of 2012, aiming to raise up to IDR 1.2 trillion.

Mr Achiran Pandu Djajanto the State Owned Enterprises Ministry's deputy for restructuring and strategic planning said that the company has appointed state owned Bahana Securities to underwrite the initial public offering.

Proceeds from the initial share offer will be used in part to finance an IDR 2.5 trillion cement mill in South Sumatra with an estimated annual production capacity of 1.5 million tonnes.

Established in 1974, Semen Baturaja operates plants in Baturaja and Palembang, both in South Sumatra, and in the Panjang area in Lampung.

Source - Jakarta Post

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