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Indonesia state builders aim to raise $1.2bn through share sales

JAKARTA -- Indonesia's top three state-owned construction companies by market capitalization are looking to raise up to 15.8 trillion rupiah ($1.2 billion) this year by selling shares, moves that will test investor appetite for exposure to the country's infrastructure sector.

The contractors have secured a slice of the revised state budget, which allocated 44 trillion rupiah to some 20 state-owned enterprises. But private stock market investors are expected to account for more than 70% of the total fundraising target.

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