Indonesian cement producer PT Semen Bosowa has decided to cancel its plan to launch an initial public offering (IPO) this year, given the uncertain condition of the market.
The company based in South Sulawesi had earlier planned to launch IPO to raise IDR1trn (US$90m) to finance its investment.
Bosowa chief executive officer Erwin Aksa Mahmud said the company chose to use only internal fund to finance its business plan this year.
The company also decides not to pursue program of cooperation with other investors for business expansion, Erwin said yesterday.
The company earlier discussed business cooperation with The Siam Cement Co. Ltd from Thailand, YTL Corporation Berhad from Malaysia and Lafarge, the newspaper Bisnis Indonesia said.
Source: Bisnis Indonesia