PT Bakrie Telekom hopes to launch an IPO in December or January next year, offering up to 20% of its shares, a local daily reported.

The subsidiary of PT Bakrie & Brothers hopes to earn between Rp500 billion ($49 million) to Rp750 billion from the IPO, the daily quoted the company's president as saying.

The Bakrie group is set to maintain the majority share of at least 51% in the telecommunication subsidiary. Currently the Bakrie Group owns 78.63% of Bakrie Telecom with Richweb Investment owning 2.94% and CMA Fund 21.34%.

The funds expected to come from the IPO will be used to finance installation of networks in various areas in Java.

© Asia Pulse

upay ¶ 1:08 PM

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