Andersen link delays PGN float

The IPO for 30% of Indonesia's state gas distributor PT Perusahaan Gas Negara (PGN), which had been slated for mid-November, has been pushed back to December following questions raised on the company's 2001 audit. The Jakarta Stock Exchange chief, Erry Firmansyah, has confirmed that the IPO will be held on December 12.
Andersen link delays PGN float Andersen link delays PGN float Andersen link delays PGN float Andersen link delays PGN float Andersen link delays PGN float

The problem arose when it foreign investors questioned a PGN audit done by the discredited Arthur Andersen accountancy firm and demanded that another audit be conducted. PGN has complied and its new audit - conducted by Ernst and Young - will be filed this week with the Indonesian Capital Markets Supervisory Board.

The IPO is expected to raise between US$200 million to US$300 million for the government. It is being promoted by ABN AMRO Rothschild, Credit Suisse First Boston and Danareksa Sekuritas.

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