Semen Merah Putih Owned By Conglomerate Martua Sitorus Officially 'Floors' On The IDX With Stock Code CMNT, Raises IDR 1.16 Trillion In Funds

PT Cemindo Gemilang Tbk or Semen Merah Putih is officially listed on the IDX. (Photo: Doc, Red and White Cement)

JAKARTA - PT Cemindo Gemilang Tbk or Semen Merah Putih today, Wednesday 8 September, officially listed its shares on the Indonesia Stock Exchange with the stock trading code CMNT.

This listing is a continuation of the success of the company owned by the conglomerate Martu Sitorus in carrying out an Initial Public Offering (IPO) of 1.718.800.000 new shares or equivalent to 10.04 percent of the Company's Issued and Fully Paid Capital after the IPO.

The new shares were offered at a price of IDR 680 per share, bringing the total IPO funds raised to approximately IDR 1.16 trillion.

Vince Erlington Indigo, as the Vice President Director of Semen Merah Putih, expressed his deepest gratitude that despite the unstable global and domestic conditions as a result of the COVID-19 pandemic, the public offering process as a whole went smoothly.

"The high public enthusiasm for the company's IPO also shows the public's high trust and expectations for the capital market in Indonesia in general and the company's business prospects in particular", said Vince.

Vince Erlington Indigo also expressed his confidence in the business prospects of the Cement industry in the coming years in line with the recovery of the global economy and the national economy.

All funds obtained after deducting issuance costs will be used entirely to fund working capital, payment of part of the company's syndicated bank loan, partial payment of debt for the construction of the second slag factory in Bayah to Sinoma International Engineering Co Ltd and PT Sinoma Engineering Indonesia, as well as to fund expenditures. capital, namely the addition of a Premix Crusher at the Bayah factory, a Coal Fired Gas Generator at the Ciwandan factory, and a Coal Fired Dryer at the Medan and Bengkulu factories.

Director of PT Ciptadana Sekuritas Asia as one of the Company's Managing Underwriters, Oskar H. Malikus, revealed that during the public offering period carried out by the company on September 2-6 2021, the total incoming orders reached 1.56x of the number of shares offered or there was oversubscribed 9.65x of the total pooling portion offer.

"The high public interest in the Company's public offering is estimated because of the potential for high business growth in the future as a company engaged in the infrastructure sector and bona fide shareholders", he explained.

In the implementation of the Company's IPO, the Company has appointed the Managing Underwriters, namely PT Ciptadana Sekuritas Asia and PT Mandiri Sekuritas. The company has appointed PT UBS Sekuritas Indonesia as the Underwriter.