Mobile-8 sets IPO price range rp200-400

Jakarta (Antara News) - PT Bimantara Citra's unit PT Mobile-8 has set a price range of 200-240 rupiah per share for its planned initial public offering (IPO) of 3.9 bln shares, said Wishnu Handoyono, president of Bhakti Securities, the underwriter of the IPO.

The IPO stock represents 19.91 pct of the firm's enlarged capital.

Mobile-8 will use 57 pct of the total proceeds, -- estimated at 780-936 bln rupiah -- to build a new CDMA-based cellular network on the islands of Lombok, Sumatra, Kalimantan, and Sulawesi and to expand its existing network in Java, he was quoted by XFN-Asia as saying.

The rest will be used to strengthen working capital.

The offering is slated for Nov 22-24.
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