Indonesia sells stake in state utility

Credit Suisse helps Indonesia to offload $225 million worth of shares in Perusahaan Gas Negara.

The Indonesian government completed its sell-down of a 4.1% stake in existing share capital of state utility PT Perusahaan Gas Negara PGN on Thursday December 14.

Credit Suisse was the international bookrunner while Bahana and Danareksa were domestic leads.

The Ministry of State-owned Enterprises launched the 185.8 million share sale, raising $225 million, as part of an effort to help finance the ever wobbly state budget. The block was about 15 days of the three-month average daily trading volume....

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