Pelindo II to list unit to raise $31m

Pelindo II to list unit to raise $31m

Indonesian state port operator Pelabuhan Indonesia II (Pelindo II) is reportedly preparing its logistics, container terminals and multipurpose terminals subsidiary, Multi Terminal Indonesia (MTI), for an initial public offering to raise IDR300bn ($31 million) in the second half of 2013.

MTI was spun off from Pelindo II in 2002, but it still controls a 99% stake in MTI, with the remainder owned by a cooperative of Tanjung Priok port employees.

However, if the IPO falls through, Pelindo II will allow MTI to separately sell bonds.

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