Jhonlin Agro, Palm Oil Company Owned By Haji Isam Whose IPO Of IDR 366.88 Billion Is On The Stock Exchange Tomorrow, 21 Years Old President Commissioner Will 'Appear'?

President Commissioner of Jhonlin Agro Raya, Jhony Saputra. (Photo: Instagram @jonisaputra09)

JAKARTA - Haji Isam's palm oil company, PT Jhonlin Agro Raya Tbk (JARR) is scheduled to list its shares on the Indonesia Stock Exchange (IDX) on Thursday, July 4 tomorrow.

For information, Jhonlin Agro has held a public offering on July 29-August 2, 2022 by placing an initial public offering (IPO) price of IDR 300 or at the highest price.

The Company issued 1,222,950,000 new shares with a nominal value of Rp100. The number of shares is equivalent to 15.29 percent of the issued and fully paid capital in the company after the IPO. From this action, JARR earned Rp 366.88 billion in funds.

Acting as the lead underwriter is PT Investindo Nusantara Sekuritas. In addition, the underwriters are PT Panca Global Sekuritas, PT Binaartha Sekuritas, and PT Lotus Andalan Sekuritas.

The entire IPO, after deducting emission costs, is planned to be around 21 percent to be used to partially pay for the construction costs of the palm oil mill project. The use of these funds is categorized as capital expenditure (capex).

About 79 percent will be used by JARR for working capital, namely for buyers of CPO and other raw materials. The use of these funds is categorized as operating expenditure (OPEX).

Just so you know, JARR's shareholders prior to the IPO were PT Eshan Agro Sentosa 99.91 percent and PT Sinar Bintang Mulia 0.09 percent. Eshan Agro Sentosa is a subholding of PT Jhonlin Group which is headquartered in Tanah Bumbu, South Kalimantan. Where, 98.5 percent of Jhonlin Group shares are owned by Haji Samsudin Andi Arsyad or Haji Isam who is also nicknamed 'Crazy Rich South Kalimantan'.

The JARR prospectus also emphasized that the party acting as the ultimate beneficial owner of the company is Haji Samsudin Andi Arsyad.

In addition, the main commissioner (komut) of Jhonlin Agro Raya is Jhony Saputra, 21 years old, who is the son of Haji Isam. Jhony's last education was at Al Azhar High School Jakarta in 2018.

Of course the question is, will Jhony, who has served as Komut Jhonlin Agro since 2022, be present at the virtual ceremony for the initial listing of JARR shares tomorrow?

The IDX has also sent an invitation to the mass media on Wednesday, August 3, regarding the virtual ceremony for the initial listing of PT Agung Menjangan Mas Tbk (AMMS) and Jhonlin Agro (JARR) which will be held on Thursday, August 2 tomorrow.