Primaya Hospital, Hospital Company From Saratoga Milik Konglomerat Edwin Soeryadjaya Dan Sandiaga Uno Ini Mencuruh IPO Incar Dana Rp287,11 Miliar

Photo: Doc. Primaya Hospital

JAKARTA - The Saratoga group portfolio hospital company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno, PT Famon Awal Bros Sedaya Tbk. or Primaya Hospital will conduct an initial public offering or IPO whose funds will be absorbed for capital expenditure. In the company's prospectus published in the mass media, quoted on Friday, October 14, Primaya Hospital will release a maximum of 302,222,300 new shares with a nominal value of Rp10 per share representing 2.28 percent of the company's issued and paid-up capital. The bid price prepared is between IDR 900 and IDR 950 per share. That way, the total value of this initial public offering reaches a maximum of IDR 287.11 billion. The plan to use IPO funds after deducting issuance costs as much as 50 percent is used to increase land acquisition. According to the plan, the land was used for the construction of new hospitals in the big cities of Sumatra and Java. Each plan to use the funds will be transferred to a subsidiary when the land purchase transaction is carried out. Then, 25 percent of the IPO funds will be used for additional existing building and hospital services development costs. The goal is to develop infrastructure, facilities, and services in the form of increasing bed capacity, and diversifying services at the Primaya Group Hospital. Of the 25 percent allocated 40 percent for Primaya Hospital, East Bekasi, 20 percent for Primaya Hospital, North Bekasi, 20 percent for Primaya PGI Cikini Hospital, 10 percent for Primaya Bhakti Wara Hospital, and 10 percent for Primaya Sukabumi Hospital. Then, the remaining 25 percent of the IPO funds will be used to finance the construction of new hospital buildings. The details of the allocation are around 29 percent of Primaya Hospitals located in Pagedangan/BSD, Tangerang, 29 percent for Primaya Hospital in Kelapa Gading, East Jakarta, and 42 percent for Primaya Hospital in Pakis, Surabaya. Primaya Kelapa Gading Hospital is targeted to operate in the fourth quarter of 2023 and Primaya Hospital in Surabaya is targeted to operate in the third quarter of 2024. Candidates for this hospital issuer manage 15 hospitals located in Pangkalpinang, Depok, Bekasi, Tangerang, Jakarta, Karawang, Sukabumi, Semarang, Palangkaraya, and Makassar. Along with this IPO, Primaya will issue a maximum of 697,000,000 new shares in the context of carrying out mandatory convertible bonds (MCB) to Archipelago Investment Pte.Ltd which is issued with a nominal principal value of IDR 627.3 billion. Along with the implementation of this MCB, the percentage of public ownership will be 2.17 percent of the total issued and paid-up capital. Meanwhile, PT Indo Premier Sekuritas will be the underwriter for the issuance of securities, while the underwriters will be determined later.