JAKARTA (Rambu Energy) – PT Golden Plantation, a subsidiary of PT Tiga Pilar Sejahtera Tbk [AISA.IJ] has set its initial public offering (IPO) share price of Rp288 per unit share.
The company decided to float 800 million shares or 21.8 percent of its enlarged capital. Given the IPO price, the company expects to raise Rp230.4 billion from the IPO.
In a prospectus published on Friday (Dec 12), the company will list its shares on the Indonesian Stock Exchange on Dec. 23, 2014. PT CIMB Securities Indonesia acted as underwriter of the IPO.
The company said 59 percent of the IPO proceeds or equal to Rp130.2 billion will be used to acquire 77.5 percent of PT Bailangu Capital Investment for Rp46.2 billion and 100 percent shares in PT Persada Alam Hijau for Rp84 billion.
The remaining proceeds of Rp90.1 billion or 41 percent of the IPO proceeds will be used to strengthen the company’s working capital.
Currently, Golden Plantation through its subsidiary PT Bumiraya Investindo owns and manage seven palm oil plantations, four of which are located in Kalimantan and three in Sumatera island. It has total consession area of 79,000 hectares, 17,000 of which has been planted. The company also has palm oil mill with a capacity to produce 30 metric tons of fresh fruit bunch (FFBs) per hour. (*)