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TPS Food unit PT Golden Plantation to list shares on IDX by year-end

JAKARTA (Rambu Energy) – PT Golden Plantation Tbk, a subsidiary of Tiga Pilar Food Sejahtera Food Tbk (TPS Food) group, plans to float 800 million of its shares or 21.82 percent of the company’s enlarged capital on the Indonesian Stock Exchange (IDX) by year-end.

The company announced on Monday (Nov 24) that 10 percent of the shares will be allocated for employee stock allocation (ESA).

In addition, the company will also offer 1 billion of series I warrants, in which each 4 shares will have the right to receive 5 warrants.

The company said the proceeds of the IPO will be used to acquire PT Bailangu Capital and PT Persada Alam Hijau as well as to strengthen its working capital. The proceeds of the warrants will be used for strengthening working capital of its subsidiaries.

The company has appointed PT CIMB Securities as the underwriter of the IPO. TPS Food holds 99.99 percent of Golden Plantation shares prior to the IPO.

In the first half of this year, the company posted sales of Rp55.41 billion and pre-tax profit of Rp6 billion. (*)

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