Katarina Utama to go public soon

The Jakarta Post | Fri, 01/23/2009 12:47 PM  

JAKARTA: Telecommunications equipment service provider PT Katarina Utama is planning to go public this year, president director Fazli Zainal Abidin said in Jakarta Thursday. 

“We plan to sell 40 percent of our shares to the public in the first quarter of this year,” he said, adding the amount is subject to change due to stock market fluctuations. 

According to Mukti Wibowo, the vice president of investment bank Optima Karya Capital Securities, which is arranging Katarina’s initial public offering (IPO). 

The management did not disclose so far the revenue target for the IPO. “In total, the company will sell around 400 million shares,” he added. 

Fazli explained the company would use the IPO proceeds to expand its business, which builds telecommunication towers for several telecommunications service operators, including Excelcomindo and Indosat. 

Katarina’s projects are mostly using  products of Swedish telecommunication giant Ericsson.