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PGN IPO to raise US$298 million

The Indonesian government is confident that the IPO of state-run PT Perusahaan Gas Negara (PGN)'s...

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The IPO is part of the government's eight trillion rupiah privatisation program designed to help cover the 2003 budget deficit.

The IPO is one of the largest for an energy company in the region and is the third largest in Indonesia since 1997. Deputy Minister of State Enterprises Machmuddin Yasin confirmed that demand for PGN's shares have hit the six billion mark.

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