KLAS Officially IPO, Shares Of This Sea Transportation Service Issuer Increase To IDR 197

Illustration of the stock exchange (Photo: Doc. Antara)

JAKARTA - PT Pelayaran Kurnia Lautan Semesta Tbk (KLAS) officially conducted an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). This sea transportation service company received funds of IDR 78.84 billion.

KLAS shares opened up to IDR 197 from an offering price of IDR 146 per share, with a total trading frequency of 743 times with a trading volume of 61,831 shares and a daily transaction value of IDR 1.22 billion.

President Director of KlaS Kurnyatjan Sakti Efendie said that KLAS released as many as 540 million new shares or represented 24.94 percent of the total issued and fully paid capital, so that the company managed to obtain funds of IDR 78.84 billion.

"Praise be to God, today we managed to reach a new milestone. Through this IPO we want to always have a positive impact, we want to consistently support the running of Indonesian marine infrastructure which is increasingly aggressive in developing. Along with that, we hope that in the future we can become the Leading Company of the domestic sea transportation service industry," said Kurnyatjan quoting Antara.

He explained that the company will use around 70.74 percent of the proceeds from the IPO to purchase four sets of tugboats (tugboats) and barges (barges).

"The company's consideration is to use the IPO funds for the purchase of ships and barges, because with the current fleet of ships, they are unable to meet the existing market demand," said Kurnyatjan.

Then, about 14.65 percent of the funds will be used to deposit capital to the subsidiary, namely KCL which is engaged in quartz/sand quartz excavation.

He said the company's consideration for increasing capital participation in KCL was to support KCL in carrying out its business activities, which was around 2.66 percent of the IPO funds to carry out jetty and infrastructure renovations, and around 11.99 percent to buy sand washing and purification machines.

Finally, the remaining proceeds from the IPO or around 14.61 percent will be used for working capital, in order to support the company's operational activities in general. In principle, we are optimistic that Indonesia will be able to become a World Maritime Axis country as targeted by the current government," said Kurnyatjan.

In this corporate action, the company appointed PT Panin Sekuritas Tbk (PANS) as the company that implements the Underwriter Emissions.

"In this regard, all of the company's macro prospects are quite good, because it is supported by the geographical conditions of Indonesia, which is an archipelagic country, so it requires sea shipping accommodation between islands to be able to meet inter-island economic needs, and is supported by the growing growth of the mining sector, which will have an impact on increasing traffic from inter-island travel, especially commodity goods transportation," said Kurnyatjan.

Meanwhile, Director of PT Panin Sekuritas Tbk Prama Nugraha said that the KLAS IPO experienced an oversubscribe of 37.3 times of total public offerings.

"We consider the prospect of the sea transportation service industry which continues to carve out performance growth to be a good indication for KLAS to walk in the stock exchange market and continue to attract and provide great benefits to all investors," said Prama.

As of November 30, 2022, KLAS recorded revenue of IDR 179.43 billion consisting of shipping service revenue of IDR 72.40 billion, rental income of IDR 5.61 billion, glass sales of IDR 47.91 billion and sand sales of IDR 53.49 billion.