Officially Listed On The Stock Exchange, Shares Of The Minister Of Technology Declined To ARB

PT Menn Teknologi Indonesia Tbk, a company engaged in digital technology, provides Internet of Things (IoT)-based information solutions for the development of transportation and logistics, officially listed shares (IPO) on the Indonesia Stock Exchange.

In its initial listing, the company with the ticker code MENN recorded a decrease of 8.9 percent to the level of IDR 71 from the offered price of IDR 78 per share.

MENN recorded 1.43 million shares including share ownership by the board of directors.

At this IPO moment, PT Menn Teknologi Indonesia Tbk (MENN) will release a maximum of 430.2 million ordinary shares representing a maximum of 30 percent of the issued and paid-up capital after the IPO.

Later this company will receive the issuer code for MENN in IDX trading. In addition to issuing ordinary shares, MENN also issued Series I Warrants of up to 286.8 million warrants or the equivalent of 28.57 percent of the total number of issued shares. Each holder of 3 new shares is entitled to 2 Series I Warrants. The underwriter is PT Indo Capital Sekuritas.

MenN President Director Michael Halim Mulyanto explained that all funds obtained from this IPO amounting to Rp1,688 billion will be used to pay the principal debt of third parties, namely PT Bank Central Asia Tbk, amounting to Rp12.4 billion for the company's capital expenditure such as purchases and procurement.

IoT devices and the development of supporting software. As much as IDR 2 billion to rent buildings to open new branches and service points located in Medan, Cikarang, Batang (Central Java) and Surabaya.

"The rest will be used for the company's working capital including digital marketing, promotional media for the purchase of IoT devices development and additional human resources and employee training costs," he told the media, Monday, April 18.

Just so you know, throughout 2022, MENN was able to print revenues of IDR 5.817 billion.

This amount grew 44.2 percent compared to the company's revenue in 2021 which amounted to IDR 4.032 billion. "The company also recorded a net profit of IDR 1.043 billion in 2022, up 73 percent compared to net profit in 2021 which amounted to IDR 0.6 billion," he concluded.