Sinar Mas plans to list power assets in S'pore: WSJ

Singapore

INDONESIA'S Sinar Mas Group, the Widjaja family's energy-to-banking conglomerate, is planning to list power assets in an initial public offering (IPO) of up to US$800 million in Singapore, in what could be the country's biggest IPO in four years, according to The Wall Street Journal (WSJ).

The group is planning to bundle the assets into a business trust and launch the IPO in the first half of 2017, said WSJ, quoting people familiar with the matter. Sinar Mas is planning to raise between US$600 million and US$800 million from the sale, and bankers have already begun sounding out investors, WSJ said in its report on Thursday.