Hillcon Officially Listed On IDX With HILL's Stock Code

Hillcon is listed on the stock exchange. (Maria Trisnawati / VOI)

JAKARTA - PT Hillcon Tbk officially listed its shares on the Indonesia Stock Exchange with the stock code HILL. Through this initial listing, Hillcon managed to reap fresh funds worth IDR 552 billion by issuing shares with an offering price of IDR 1,250 per share of 442,300,000 new shares or as much as 15 percent of the company's issued and fully paid capital.

In the listing of the perpetrators at 09.01 HILL shares opened green, up to 1,275 from the offered shares amounting to Rp1,250. The shares are at the highest level of Rp1,310 and the lowest is at the level of Rp1,270.

President Director of HILL, Hersan Qiu said, IPO HILL has succeeded in attracting various investors, both foreign and domestic, to participate in the initial public offering. The Company's Initial Public Offering of Shares experienced oversubscribed 5 times with a total shareholder of more than 9 thousand investors.

"This indicates the enthusiasm and optimism of Indonesian capital market investors in the future of the company. The proceeds from the IPO will be used to support the business development of the subsidiary of the Company, namely PT Hillconjaya Sakti (HS) with details of 55 percent for working capital related to mining production costs, including fuel-related costs, overhead costs, maintenance of all heavy equipment and the remaining 45 percent will be used for capital expenditures consisting of purchasing tools to support HS operational activities, namely heavy equipment (Fleet playing and fleet support) along with other supporting facilities., "he explained to the media Wednesday, March 1.

He further added, as the largest nickel producer in the world, Indonesia is predicted to produce around 1.2 million tons of nickel by 2022, equivalent to 37.5 percent of total global production.

Indonesia is also the second largest stainless steel producer in the world after China. In terms of nickel reserves, it is proven that Indonesia has a share of 22 percent or the equivalent of 21 million tons of nickel metal, and is predicted to remain the largest contributor to nickel and nickel ore supply in the world with an estimated market share of 38 percent by 2024.

The nickel industry is one of the sectors that is growing rapidly in Indonesia. nickel products are currently experiencing very high demand, especially in the form of feronikel and NPI (nickel pig iron). Indonesia also exports Mixed Hydroxide Precipitate (MHP) which is then further processed into nickel sulphate, the main ingredient in the manufacture of electric car batteries (EV).

In its development, the Indonesian nickel sector is expected to increase its production capacity to produce EV batteries in the country so that it can provide an increase in domestic nickel demand in Indonesia.