Indonesian taxi firm Blue Bird forced to delay 2013 IPO-sources
SINGAPORE/JAKARTA Dec 3 (Reuters) - The planned initial public offering of Indonesia's biggest taxi operator, PT Blue Bird, will not happen this year after the company failed to receive regulatory approval in time, said sources with knowledge of the matter.
It is unclear if the IPO, which sources earlier said could raise at least $250 million, could happen in 2014 when Indonesian elections are scheduled.
Blue Bird "has run out of time to do the IPO this year", said one of the sources, who declined to be identified as the information was private.
The Financial Services Authority of Indonesia, which regulates and supervises the financial services sector in Indonesia, earlier told Reuters it had not received complete documentation for the IPO.
Blue Bird is not wedded to an IPO and may turn to strategic investors among other options to raise funds for expansion, a senior company executive told Reuters last month. It also plans to boost its taxi fleet by around 50 percent to 30,000 over the next few years. (Reporting by Saeed Azhar, Fathiya Dahrul and Andjarsari Paramaditha; Writing by Eveline Danubrata)
- Malaysia air probe finds scant evidence of attack: sources |
- Search widened as Malaysia air probe finds scant evidence of attack |
- Confrontation in Ukraine as diplomacy stalls |
- Exclusive: Chinese raw materials also found on U.S. B-1 bomber, F-16 jets
- Freescale loss in Malaysia tragedy leads to travel policy questions