Elnusa to launch IPO

PT Elnusa, a unit of Indonesia’s state oil and gas company PT Pertamina, said it plans to offer 20% of its shares in an initial public offering (IPO) in December, which a company source said could raise US$100 million. Elnusa President Director Eteng Salam said that the company plans to use the IPO proceeds to finance investment and repay corporate debt. (October 4, 2007)