A House of Representatives legislator expressed suspicion Thursday the cheap price of state-owned steel manufacturer Krakatau Steel’s initial public offering (IPO) would only benefit certain stakeholders.
“The IPO price which is set at Rp 850 [per share] indicates signs of conspiracy. The goal is to fulfill the interests of certain stakeholders within the country.
“There is an indication showing that numerous foreign investors will massively buy KS [Krakatau Steel] shares in the primary market. They will receive the access to buy the shares by giving commitment fees to certain people within the government. That commitment fee will then be donated to certain political parties,” Golkar Party’s Bambang Soesatyo told The Jakarta Post.
Bambang opted not to reveal the domestic stakeholders for the time being.
“We have obtained information that initially the IPO price was set at Rp 1,500 per share. How that price dwindled down to Rp 850 is our main concern now,” he said.
Bambang also urged the Financial Transaction and Analysis Center (PPATK) to investigate into the flow of money to the three underwriters responsible for valuating the IPO price: Bahana, Danareksa and Mandiri Sekuritas.
“Who are the people given the allotment for KS shares? Is there any state officials or political parties’ elite involved in the brokerage of those shares?” he said.
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