Aiming To Obtain IDR 366.88 Billion In Funds, Palm Oil Company From Tanah Bumbu South Kalimantan Offers Shares To The Public Starting Tomorrow

Oil palm plantation. (Photo: Doc. Jhonlin Agro)

JAKARTA - Palm oil company PT Jhonlin Agro Raya Tbk is preparing to hold an initial public offering (IPO). The company released 1.22 billion shares or equivalent to 15.29 percent of the issued and paid-up capital.

Quoting Jhonlin's offer document in e-ipo.co.id, Monday, July 11, the company's share price ranged from Rp250-Rp300. From here, Jhonlin can earn up to IDR 366.88 billion.

With the target fund, Jhonlin will use the majority or 79 percent for working capital, namely the purchase of CPO and other raw materials. While the remaining 21 percent is for the payment of part of the construction costs of the palm oil mill project.

To realize the plan, the company from Tanah Bumbu, South Kalimantan, will start an initial offering period on July 12-15 to obtain an effective IPO permit on July 26. Then, the public offering period lasts July 28 - August 1.

Jhonlin hopes that the company's shares with the code JARR will be listed on the Indonesia Stock Exchange on August 3.

As additional information, Jhonlin appointed PT Investindo Nusantara Sekuritas in this IPO event.

As of March 31, 2022, Jhonlin recorded net sales of Rp. 1.3 trillion with a net profit of Rp. 80.27 billion. In this period, the company's assets reached Rp. 3.33 trillion with equity of Rp. 834.42 billion.