Conglomerate Bambang Sutantio's Dream 'Official' Accomplished, Cimory 'Float' On The Indonesia Stock Exchange With Raised Funds Of IDR 3.66 Trillion

The founder of Cimory, conglomerate Bambang Sutantio. (Photo: Doc. Cimory)

JAKARTA - PT Cisarua Mountain Dairy Tbk or Cimory officially listed its shares (listing) on the Indonesia Stock Exchange (IDX) with the code CMRY on Monday 6 December morning. The number of shares issued through the initial offering amounted to 1,190,203,000 shares representing 15 percent of the company's paid-in and issued capital after the IPO.

The offering price offered in the initial public offering is Rp3,080 per share. Thus, the company has raised funds of IDR 3.66 trillion.

Founder and President Commissioner of Cimory, Bambang Sutantio said this activity is a historic momentum for the company where the company continues to strengthen its mission to become a leader in the dairy and consumer food industry, by providing strong dairy products and premium consumer foods in the era of modern trade. .

"This IPO is a historic moment for our company, where we transform from a family company into a public company that has a strong commitment to good corporate governance and a focus on sustainable growth," he said, at the IDX listing ceremony.

CMRY President Director/Group CEO Farell Sutantio said the pandemic momentum has also been able to increase public awareness to consume more nutritious food and drinks.

"Cimory will always focus on product innovation and creating new markets in the protein-based food category. We will also continue to increase our distribution by investing in cold chain logistics, as well as adding to our partnership program through the Miss Cimory program. Currently we have partnered with more than 3,600 mothers throughout Indonesia through the Miss Cimory program, which has the main goal of creating new jobs." he said.

For information, around 33 percent of the proceeds from the IPO will be used for capital expenditures related to additional capacity for production facilities in the form of: property, plant and equipment. Furthermore, about 25 percent is for capital injection to a Subsidiary, namely PT Macroprima Panganutama (MP), a food processing company.

The funds will mainly be used by MP to increase capacity for production facilities, as well as for working capital.

As for about 20 percent for capital injections to the Subsidiary PT Macrosentra Niagaboga (MN), a company engaged in agents and distributors. The funds will mainly be used by MN for capital expenditures related to the distribution center expansion plan, as well as for working capital.

Around 15 percent will be used for capital expenditures related to distribution channel expansion in the form of increasing the number of stores and supporting facilities related to increasing the number of Miss Cimory which includes training and development. Finally, around 7 percent will be used for the Company's working capital to finance daily operational needs.

In this Initial Public Offering, the Company has appointed Nomura Singapore Limited, PT CLSA Indonesia and PT Mandiri Sekuritas as Joint Global Coordinators. Meanwhile, PT CLSA Sekuritas Indonesia and PT Mandiri Sekuritas also acted as Lead Domestic Underwriters.