Off Shares To The Public, Moratelindo Part Of The Business Entity Conglomerate Eka Tjipta Widjaja Through Smartfren Targets IDR 1.03 Trillion In Funds

JAKARTA - The telecommunications company PT Mora Telematika Indonesia Tbk or Moratelindo has finally realized its plan to become a public company. The winners of the West and East Palapa Ring tenders will release their shares with an initial public offering (IPO) mechanism.

As stated in the offer document on e-ipo.co.id, Monday, July 11, Moratelindo released 2.61 billion shares or 11 percent of the issued and fully paid capital. The offer price starts from IDR 368-IDR 396.

From the plan, the Sinar Mas Group business entity belonging to the conglomerate Eka Tjipta Widjaja through PT Smartfren Tbk hopes to get a maximum of IDR 1.03 trillion in funds.

The plan is that the company will start the initial offering period on July 12-18 to obtain an effective IPO permit on July 27. Then followed by a public offering period on 29 July-2 August and listing on the Indonesia Stock Exchange (IDX) on 4 August.

In this action, the company has appointed BNI Sekuritas and Sucor Sekuritas as underwriters for the issuance.

To attract investors, Moratelindo uses the financial statements as of March 31, 2022 for the IPO. In this period, the company has assets of Rp. 14.41 trillion with equity of Rp. 4.74 trillion.

Meanwhile, the company's revenue has reached Rp1.03 trillion and a net profit of Rp155.73 billion.

On the other hand, for the funds obtained from the IPO, the company will use the majority or 85 percent for investment needs but not limited to network expansion, including backbone, lastmile, capacity upgrades, passive infrastructure.

The remaining 15 percent will be used for working capital and the company's general business activities (General Corporate Purposes).