Sinar Mas in pre-marketing for potential $300 million share sale

The insurer is the second Indonesian company this year after Petrosea to test the water for a follow-on issue.

Pre-marketing is underway for a potential share sale in Indonesian insurer Sinar Mas Multiartha which is attracting some interest from international investors, sources say, although investor activities have been generally slow ahead of the Lunar New Year holidays. Sinar Mas Multiartha is the finance arm of Sinar Mas Group. Aside from insurance it is also active in banking, multi-finance, leasing and information technology among other things.

Although no offering has been formally announced, one source said the company has permission to issue up to 10% of its existing capital in the form of new shares, while its major shareholder has said that it is also considering a potential sale. Based...

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