JAKARTA - Rajawali Group's gold mining company, PT Archi Indonesia is preparing to take the floor on the Indonesia Stock Exchange through an initial public offering (IPO) of shares in the near future. The potential funds achieved will reach up to Rp3.9 trillion.
Archi Indonesia is part of the Rajawali Group of conglomerate Peter Sondakh. The company is a pure-play gold producer and is one of the biggest players in Indonesia and Southeast Asia.
The number of shares released in this corporate action was 4,067.5 million shares with a nominal value of Rp10/share or equivalent to 20 percent of the issued and paid-up capital after the public offering. These shares are offered at a price of Rp750 to Rp800/share.
The shares released consist of 3,725,000,000 which are old shares belonging to its parent company, PT Rajawali Corpora. The remaining 1,242,500,000 are new shares issued in the context of this corporate action.
The funds obtained are planned to be used to pay the principal debt of the company and its subsidiaries. The portion reaches 90 percent of this IPO fund.
While the remaining 10 percent will be used to finance the company's working capital and operations together with its subsidiary PT Meares Soputan Mining (MSM) and/or PT Tambang Tondano Nusajaya (TTN).
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For information, until the end of December 2020, the company was recorded to have a total bank debt of US$394.45 million or around Rp5.71 trillion.
For this corporate action, the company has appointed five securities as implementing underwriters for its securities issuance, namely PT BNI Sekuritas, PT Citigroup Sekuritas Indonesia, PT Credit Suisse Sekuritas Indonesia, PT Mandiri Sekuritas, and PT UOB Kay Hian Sekuritas.
The IPO offering period will be carried out from May 31 to June 9, 2021 and is targeted to be effective from the Financial Services Authority (OJK) on June 18, 2021. The public offering of shares will be conducted on June 22-24 2021 and is targeted to be listed on the IDX on 28 June 2021.
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