IPO Of CSAP's Subsidiary, PT Kusuma Kemindo Sentosa Tbk (KKES) Flood Of Interest: Oversubscribed 30.45 Times

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Kusuma Kemindo Sentosa Tbk (KKES) will be officially listed on the Indonesia Stock Exchange (IDX) on August 8, 2022. The initial public offering (IPO) of shares from the chemical distribution company has also received positive responses from various investors. Centralized Allotment IPO KKES is oversubscribed by about 30.45 times.

From August 2 to August 4, 2022, the Company began offering 300 million new shares through an Initial Public Offering (IPO). The number of shares is equivalent to 20 percent of the Company's issued and fully paid capital.

The shares, which have a nominal value of Rp. 10 per share, were offered at a price of Rp. 105 per share so that the company received a total fund of Rp. 31.5 billion. The shares will be listed on the Indonesia Stock Exchange (IDX) on August 8, 2022.

PT Kusuma Kemindo Sentosa Tbk is a subsidiary of PT Catur Sentosa Adiprana Tbk (CSAP) with 51 percent ownership. After going public, CSAP's shares will be reduced to 40.80 percent.

Likewise, the ownership of other shareholders is also reduced. Full share ownership after going public are: CSAP 40.80 percent, PT Budi Lestari Sentosa from 14 percent to 11.20 percent, Retno Widyati Harsono 2.69 percent, Felicia Wiendraty Harsono 2.66 percent, Kiki Rusmin Sadrach from 13.32 percent to 10.66 percent, Kundy Wijaya from 10 percent to 8 percent, Sri Lanty from 5 percent to 4 percent, the community 19.76 percent and employee stock allocation (ESA) 0.24 percent.

As a company engaged in the wholesale trading of chemical materials and goods, PT Kusuma Kemindo Sentosa Tbk has a good opportunity to develop in the future because the products owned, both existing and new products are widely used in various manufacturing industry sectors, including the textile industry, plastic industry, paint, cable pipe, and others.

Seeing the good prospects and opportunities in the chemical industry, the company seeks to develop its business and raise funds through the stock exchange.

95 percent of the funds obtained from the IPO will be used as working capital for operational activities and business development of the company, with details of, among others, 30 percent for operational costs and 65 percent for the purchase of merchandise and settlement of accounts payable to suppliers.

The remaining 5 percent will be used for the development of the Company's information systems and technology, including IT digitization for sales, delivery, inventory and logistics.

KKES is active as an importer, stockist & distribution of commodity and specialty chemicals, food, construction chemicals and related materials. The Company is currently running a business in the wholesale trading of basic chemical materials and goods, wholesale trading of various kinds of building materials and wholesale trading of machinery, equipment and other equipment where the Company sees promising business opportunities in the field of chemicals for industrial and household purposes. .

Broadly speaking, the company offers 6 series of products with several categories, namely:

1. Leather & Synthetic

2. Paint, Coating, Ink, Thinner, Plastic, PVC Pipes & Resin

3. Adhesive, Textile, Auxiliaries, Polymer, Rubber, Foam, Sole, Yarn & Fiber

4. Food & Drinks

5. Construction Chemical & Aluminum Shop

6. Wood Finishing (Furniture, Door, Frame, Coffin, Instruments)

The Company currently serves sales through its offices in Jakarta, Bandung, Semarang, Surabaya and serves more than 2,300 customers supported by more than 9 principals who provide sole agents and more than 12 principals who have been appointed as Authorize Distributors, as well as more than 15 principals who have appointed as Authorize Distributors. provide Support Supply during this time. Their support so far, the company has distributed more than 1,000 products.

In facing business competition, the company has a reliable business strategy in improving business and business performance in the next few years. Because the company has a number of advantages including more than 32 years of experience in the distribution business of raw materials and chemical goods, so that it has high skills which become the main strength in facing business competition and developing various strategies.

Another advantage is that the company is highly adaptive to changes and new technologies, high efficiency, smart strategy, Good SOP and GCG as well as strong integrity.