Indonesia's state-owned cement producer, PT Semen Baturaja, plans to sell 35 percent of the company's enlarged capital in an initial public offering in February, a company director said on Wednesday. The company aims to raise up to 1 trillion rupiah ($103.79 million) to build a new factory, Semen Baturaja director, Pamudji Raharjo, said.

Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas have been named underwriters for the IPO, which still needs government approval. Semen Baturaja's IPO has been delayed since 2011

Copyright Reuters, 2012