Wants To Be A Public Company, Sugarcane Plantation And Sugar Factory Manager From Semarang Offers IIDR 250 to IDR 300Per Shares

Illustration. (Photo: Doc. Antara)

JAKARTA - The company that owns sugar cane plantations to sugar factories, PT Aman Agrindo Tbk is preparing to release its shares to the public through an initial public offering (IPO) mechanism. The company released 214.07 million shares with prices ranging from IDR 250 to IDR 300 per share.

Quoting the offer document released by e-ipo.co.id, Thursday, June 23, the number of shares released by Aman Agrindo was equivalent to 20 percent of the issued and fully paid capital. As for the offering price range, the company has the potential to reap funds of IDR 53.51 billion to IDR 64.22 billion.

To realize this action, the company from Semarang, Central Java started the initial bidding period today until June 29, to obtain a permit effective on July 8 next. After that, it will enter the public offering period on July 12-18 and the target for listing on the Indonesia Stock Exchange (IDX) is on July 20.

In this action, the company appointed UOB Kay Hian Sekuritas as the underwriter.

As additional information, the company will use 23 percent of the IPO funds for capital expenditures in the form of the construction of a brown sugar factory and other supporting facilities. Meanwhile, 57 percent of the IPO funds will be used for capital expenditures in the form of purchasing and installing brown sugar production machines.

The remainder will be used for the Company's working capital, including but not limited to purchasing raw materials and supporting materials as well as to finance the company's operational activities.